Summary

Introduced with the Income Tax Amendment (Labour Mobility Program) Bill 2022, the bill amends the: Taxation Administration Act 1953 to enable the Commissioner of Taxation to direct an entity to complete an approved record-keeping course as an alternative to financial penalties where the commissioner reasonably believes the entity has failed to comply with its tax-related record-keeping obligations; Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide income tax and withholding tax exemptions for the International Federation of Association Football (FIFA) and its wholly owned subsidiary established for the purpose of delivering the 2023 FIFA Women's World Cup; Income Tax Assessment Act 1997 to: provide the choice to self assess the effective life of certain intangible depreciating assets rather than using the statutory effective life in working out the decline in value; and provide an income tax exemption for certain recovery grants made to small businesses and primary producers impacted by Cyclone Seroja in April 2021; Competition and Consumer Act 2010 and Australian Securities and Investments Commission Act 2001 to: amend the existing unfair contract terms provisions; introduce a civil penalty regime prohibiting the use and reliance on unfair contract terms in standard form contracts; and expand the class of contracts covered by the unfair contract terms provisions; and Income Tax Assessment Act 1997 and three other taxation Acts to reduce the tax on certain income earned by foreign resident workers participating in the Australian Agriculture Worker Program or the Pacific Australia Labour Mobility scheme from 32.5 per cent to 15 per cent. Also makes minor and technical amendments to 12 Acts administered in the Treasury, Social Services and Veterans' Affairs portfolios.