Summary
Introduced with the Pay As You Go Withholding Non-compliance Tax Bill 2011, the bill amends the: Income Tax Assessment Act 1997 to provide the Commissioner of Taxation with discretion to disregard certain events that would otherwise trigger the assessment of certain income for a primary production trust in the year of the event; Petroleum Resource Rent Tax Assessment Act 1987 to clarify the location of the ‘taxing point’ for the purposes of the petroleum resource rent tax; and Excise Act 1901 and Fuel Tax Act 2006 to clarify taxation arrangements for gaseous fuels.