Second Reading Speeches

Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

Originating house
House of Representatives
Parliament no

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Amends the:

Fringe Benefits Tax Assessment Act 1986
to provide employers with an exemption from fringe benefits tax if they provide training or education to a redundant, or soon to be redundant, employee for the purpose of assisting that employee to gain new employment;
Income Tax Assessment Act 1997
to: extend the operation of the junior minerals exploration incentive for a further four years; and include a reporting requirement for mineral exploration companies where no exploration investment has occurred to enable unused exploration credits to be identified earlier and reallocated;
Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018
to make consequential amendments;
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
to provide a capital gains tax exemption for granny flat arrangements where there is a formal written agreement in place;
Corporations Act 2001
National Consumer Credit Protection Act 2009
to provide that the Australian Securities and Investment Commission is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration payable by a retail client or consumer in relation to a financial or credit product;
International Tax Agreements Act 1953
to disregard days spent in Australia due to COVID-19 by New Zealand sportspersons on teams participating in cross-border competitions and their support staff in determining whether income derived from such competitions is taxable in Australia; and
Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020
to retain the low and middle income tax offset for the 2021-22 financial year.

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