Second Reading Speeches

Treasury Laws Amendment (Refining and Improving Our Tax System) Bill 2023

Originating house
House of Representatives
Parliament no

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Amends the:

International Tax Agreements Act 1953
to: give legislative authority to the Convention between Australia and Iceland for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and make minor amendments to update various notes;
Income Tax Assessment Act 1997
to: exempt certain subsidiaries of the Future Fund Board from income tax and include them as entities eligible for a refund of a tax offset relating to a franked distribution; and transfer administration of three register deductible gift recipient categories and the Overseas Aid Gift Deduction Scheme to the Commissioner of Taxation;
Customs Act 1901
Excise Act 1901
to enable an eligible business entity liable for excise duty for excisable goods or customs duty for excise-equivalent goods, being fuel and alcohol, to align their excise returns and customs returns with the return period for other indirect taxes which are separately lodged through a business activity statement;
Excise Act 1901
to provide that the repackaging of beer that would otherwise be excise manufacture is not taken to be the manufacture of beer if it meets certain requirements; and
Income Tax Assessment Act 1997
Taxation Administration Act 1953
to make consequential amendments.

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