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Second Reading Speeches

Tax and Superannuation Laws Amendment (2015 Measures No. 5) Bill 2015

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: reduce the methods for calculating work-related car expense deductions to include the logbook method and the cents per kilometre method; and provide for a single rate for the calculation of the cents per kilometre method to be determined by the Commissioner of Taxation;
Income Tax Assessment Act 1936
to restrict the application of the Zone Tax Offset to people whose usual place of residence is within a zone or a prescribed area within a zone;
Fringe Benefits Tax Assessment Act 1936
to limit the concessional treatment of salary packaged entertainment benefits;
Taxation Administration Act 1953
to create a new reporting regime which requires third parties to report to the commissioner on certain transactions which could reasonably be expected to have tax consequences for other entities; and
Fringe Benefits Tax Assessment Act 1986
,
Income Tax Assessment Act 1997
,
Tax Agent Services Act 2009
and
Taxation Administration Act 1953
to make consequential amendments.