Due to COVID-19 Parliament House has limited public access. Bookings are essential for all public visits.

Second Reading Speeches

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

Track (What's this?)

Permalink

Summary

Amends the:

Income Tax Assessment Act 1936
to: remove a tax deduction which arises upon repayment of principal under a concessional loan by certain privatised entities;
Income Tax Assessment Act 1997
to: introduce a new additional basic condition in relation to partnerships for the small business capital gains tax concessions; and limit tax deductions for losses or outgoings incurred that relate to holding vacant land;
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to extend to family trusts the anti-avoidance rules that apply to other closely held trusts that undertake circular trust distributions;
Taxation Administration Act 1953
to: allow taxation officers to disclose the business tax debt information of a taxpayer to credit reporting bureaus certain circumstances; and enable the Australian Taxation Office to develop and/or administer a framework or system for electronic invoicing; and
Superannuation Guarantee (Administration) Act 1992
to ensure that an individual’s salary sacrifice contributions cannot be used to reduce an employer’s minimum superannuation guarantee contributions.