- Date
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23 Jun 2014
- Chamber
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House of Representatives
- Status
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Not Proceeding
-
Portfolio
-
Treasury
- Summary
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The bill: repeals the
Minerals Resource Rent Tax Act 2012
, Minerals Resource Rent Tax (Imposition—Customs) Act 2012
, Minerals Resource Rent Tax (Imposition—Excise) Act 2012
and Minerals Resource Rent Tax (Imposition—General) Act 2012
; amends the: Income Tax Assessment Act 1997
and Income Tax (Transitional Provisions) Act 1997
to provide that companies can carry tax losses forward to use as a deduction for a future year; Income Tax Assessment Act 1997
to: amend the instant asset write-off threshold provisions for small business entities; provide that motor vehicle purchases made by small business entities will be treated as normal business assets for depreciation purposes; and provide that geothermal energy exploration and prospecting expenditure are no longer immediately deductible; Superannuation Guarantee (Administration) Act 1992
to delay increases in the superannuation guarantee rate for a two-year period; Superannuation (Government Co-contribution for Low Income Earners) Act 2003
to abolish the low income superannuation contribution; Social Security Act 1991
and Social Security (Administration) Act 1999
to abolish the income support bonus payment; and A New Tax System (Family Assistance) Act 1999
, A New Tax System (Family Assistance) (Administration) Act 1999
, Income Tax Assessment Act 1997
and Social Security (Administration) Act 1999
to abolish the schoolkids bonus payment; and makes consequential amendments to 13 Acts.