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Second Reading Speeches

Tax Laws Amendment (2014 Measures No. 1) Bill 2014

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the:

Income Tax Assessment Act 1997
to: enable individuals to consolidate multiple farm management deposits (FMD); and increase the taxable non-primary production income threshold;
Banking Act 1959
to exclude an FMD from becoming unclaimed moneys;
Income Tax (Transitional Provisions) Act 1997
to retrospectively clarify the tax treatment of FMDs that became unclaimed money;
A New Tax System (Goods and Services Tax) Act 1999
,
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to: ensure that overpaid goods and services tax is only refundable in certain circumstances; and make consequential amendments; and
Taxation Administration Act 1953
to: enable merits review of certain commissioner’s decisions; and validate certain past objections and reviews.