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Second Reading Speeches

Treasury Laws Amendment (2020 Measures No. 3) Bill 2020

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

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Summary

Amends the:

International Monetary Agreements Act 1947
to: enable Australia to enter into loan agreements with the International Monetary Fund (IMF); enable Australia to meet its funding obligations under any such agreements, as well as under the existing New Arrangements to Borrow with the IMF; and enable Australia to continue to enter into agreements with other countries to provide them with financial assistance in support of a program of the IMF;
Income Tax Assessment Act 1997
to update the list of deductible gift recipients to include three new entities;
Income Tax Assessment Act 1997
and Income Tax (Transitional Provisions) Act 1997 to: extend the $150 000 instant asset write-off for a further six months until 31 December 2020; and adjust the criteria for access to the instant asset write-off for businesses that have adopted a substituted accounting period;
Taxation Administration Act 1953
to reduce the gross domestic product adjustment factor for the 2020-21 financial year to nil; and
Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020
to clarify that the payments for which an entity can receive a cash flow boost payment include amounts that are subject to withholding under the special withholding obligations applying to certain personal service income payments.