Assented Bills of the current Parliament

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TOTAL RESULTS: 173

  • Date
    30 May 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Introduced with the Major Bank Levy Bill 2017, the bill amends: the
    Australian Prudential Regulation Authority Act 1998
    to enable the Australian Prudential Regulation Authority (APRA) to share major bank levy information with the Commissioner of Taxation;
    Financial Sector (Collection of Data) Act 2001
    to enable the APRA reporting standards to include information relating to amounts for the purposes of the levy;
    Income Tax Assessment Act 1997
    to provide for the indexation of the $100 billion threshold; and
    Taxation Administration Act 1953
    to: specify that the levy is payable to the commissioner quarterly; ensure that the ordinary collection and recovery provisions apply in relation to the levy; introduce an anti-avoidance law for the levy; and enable the commissioner to share levy information with APRA. 

    Bill | Explanatory Memorandum

  • Date
    01 Sep 2016 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the
    Income Tax Rates Act 1986
    to increase the third personal income tax threshold so that the rate of tax payable on taxable incomes from $80 001 to $87 000 for individuals is 32.5 per cent. 

    Bill | Explanatory Memorandum

  • Date
    07 Sep 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017, the bill amends the:
    Income Tax Assessment Act 1997
    to: provide that travel expenditure incurred in gaining or producing assessable income from residential premises is not deductible, and not recognised in the cost base of the property for capital gains tax purposes; and limit deductions for plant and equipment assets used for producing assessable income from residential premises to when the asset was first used for a taxable purpose;
    Foreign Acquisitions and Takeovers Act 1975
    to implement an annual vacancy fee on foreign owners of residential real estate where residential property is not occupied or genuinely available on the rental market for at least six months in a 12-month period; and
    Taxation Administration Act 1953
    to make consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    16 Feb 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the:
    A New Tax System (Goods and Services Tax) Act 1999
    to ensure that goods and services tax is payable on certain supplies of low value goods that are purchased by consumers and are imported into Australia; and
    Taxation Administration Act 1953
    to broaden administrative penalties for making false or misleading statements. 

    Bill | Explanatory Memorandum

  • Date
    01 Jun 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the
    A New Tax System (Goods and Services Tax) Act 1999
    to: introduce a reverse charge for business to business transactions between suppliers and purchasers of gold, silver and platinum to remove the opportunity for a supplier to avoid paying goods and services tax (GST) by liquidating; and ensure that entities cannot exploit the special GST treatment for second-hand goods to claim input tax credits by changing the form of a precious metal. 

    Bill | Explanatory Memorandum

  • Date
    01 Jun 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the
    Taxation Administration Act 1953
    to modify the foreign resident capital gains withholding payments regime to: increase the withholding rate from 10 per cent to 12.5 per cent; and reduce the withholding threshold from $2 million to $750 000. 

    Bill | Explanatory Memorandum

  • Date
    09 Nov 2016 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Introduced with the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, the bill amends: five Acts to impose a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation; the
    Income Tax Assessment Act 1997
    and
    Taxation Administration Act 1953
    to: introduce additional income tax rules on recipients of certain defined benefit income streams in excess of $100 000 per annum; and reduce the threshold at which high-income earners pay Division 293 tax on their concessional taxed contribution to superannuation to $250 000; the
    Income Tax (Transitional Provisions) Act 1997
    to provide transitional capital gains tax relief for superannuation funds that adjust their asset allocations before 1 July 2017; the
    Income Tax Assessment Act 1997
    and
    Income Tax (Transitional Provisions) Act 1997
    to reduce the annual concessional contributions cap to $25 000 and the annual non-concessional contributions cap to $100 000; introduce criteria for an individual to be eligible for the non-concessional contributions cap and make minor amendments to the non-concessional contributions rules; and remove the anti-detriment deduction; the
    Superannuation Guarantee (Administration) Act 1992
    to amend how the maximum contribution base is determined; the
    Superannuation (Government Co-contribution for Low Income Earners) Act 2003
    to enable eligible low income earners to receive the low income superannuation tax offset; the
    Income Tax Assessment Act 1997
    to: remove the requirement that an individual must earn less than 10 per cent of their income to be able to claim a deduction for personal superannuation contributions; enable catch-up concessional contributions; extend the spouse superannuation tax offset; and amend the earnings tax exemption for complying superannuation funds, retirement savings account providers and life insurance companies; and 11 Acts to make administration and consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    01 Sep 2016 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Rates Act 1986
    to: reduce the corporate tax rate for small businesses with an aggregated turnover of less than $10 million to 27.5 per cent for the 2016-17 financial year and progressively extend that lower rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent;
    Income Tax Assessment Act 1997
    to: increase the small business income tax offset to 16 per cent of an eligible individual’s basic income tax liability that relates to their total net small business income from the 2026-27 financial year; and enable small businesses with an aggregated turnover of less than $10 million to access most small business tax concessions, and small businesses with an aggregated turnover of less than $5 million to access the small business income tax offset; and
    Income Tax Assessment Act 1936
    and
    Income Tax Assessment Act 1997
    to make consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    09 Feb 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Introduced with the Diverted Profits Tax Bill 2017, the bill amends: five Acts to provide for a diverted profits tax from 1 July 2017 to ensure that significant global entities are not able to avoid their tax obligations by diverting profits generated in Australia offshore; the
    Taxation Administration Act 1953
    to increase the administrative penalties that can be imposed by the Commissioner of Taxation on significant global entities for breaching their tax reporting obligations; and the
    Income Tax Assessment Act 1997
    to update the reference to Organisation for Economic Cooperation and Development (OECD) transfer pricing guidelines in Australia’s cross-border transfer pricing rules to include the 2016 OECD amendments to the guidelines. 

    Bill | Explanatory Memorandum

  • Date
    09 Feb 2017 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the
    Income Tax Assessment Act 1997
    to include the Bourke Street Fund on the list of deductible gift recipients. 

    Bill | Explanatory Memorandum

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