Summary
Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2022 and Income Tax Amendment (Labour Mobility Program) Bill 2022, the bill amends the: Foreign Acquisitions and Takeovers Act 1975 to double the maximum financial penalties for contraventions of provisions that relate only to residential land; National Emergency Declaration Act 2020 and Taxation Administration Act 1953 to enable the disclosure of protected information to Australian government agencies for the purpose of administering major disaster support programs approved by the minister; Coronavirus Economic Response Package Omnibus (Measures No. 2) Act 2020 to extend the temporary mechanism which enables ministers to make alternative arrangements for meeting information and documentary requirements; Income Tax Assessment Act 1936 and three other taxation Acts to reduce the tax on certain income earned by foreign resident workers participating in the Pacific Australia Labour Mobility scheme from 32.5 per cent to 15 per cent; and Superannuation Industry (Supervision) Act 1993 to provide for a supplementary annual performance test for faith-based products.