Search all bills

TOTAL RESULTS: 741

• Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016

  Track (What's this?)

  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

• Treasury Laws Amendment (Working Holiday Maker Reform) Bill 2016

  Track (What's this?)

  Date

  12 Oct 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of four bills in relation to tax arrangements for working holiday makers, the bill amends the: Migration Regulations 1994 to reduce the working holiday maker visa application charge from $440 to $390;

  A New Tax System (Australian Business Number) Act 1999

  ,

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to require employers of working holiday makers to register with the Commissioner of Taxation, enabling them to withhold tax at applicable income tax rates; and

  Taxation Administration Act 1953

  to enable the Commissioner to disclose certain information to the Fair Work Ombudsman; and require the Commissioner to provide the Treasurer, for presentation to the Parliament, an annual report on working holiday makers which includes statistics and information derived from the working holiday maker employer register. 

  Bill | Explanatory Memorandum

• Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016

  Track (What's this?)

  Date

  14 Sep 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to establish a remedial power so that the Commissioner of Taxation can make a disallowable legislative instrument to modify the operation of a taxation law in certain circumstances;

  Income Tax Assessment Act 1997

  to enable primary producers to access income tax averaging 10 income years or more after they opted out; and

  A New Tax System (Luxury Car Tax) Act 1999

  to provide an exemption from luxury car tax to certain public institutions that import or acquire luxury cars for the sole purpose of public display. Also makes technical amendments to 10 Acts and repeals 45 excise Acts and the

  Income Tax (War-time Arrangements) Act 1942

  . 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

  Track (What's this?)

  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

• Treasury Laws Amendment (Income Tax Relief) Bill 2016

  Track (What's this?)

  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

• Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2016

  Track (What's this?)

  Date

  02 May 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

  and

  Medicare Levy Act 1986

  to increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

  Track (What's this?)

  Date

  16 Mar 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  ,

  Income Tax Assessment Act 1936

  and

  Taxation Administration Act 1953

  to: create an early stage investor regime that provides tax incentives for qualifying investors through a non-refundable tax offset and capital gains tax exemption on innovation related investments; require early stage innovation companies to report on specific innovation related investments; and provide a mechanism for Innovation Australia to provide guidance about whether particular investment activities are ineligible activities;

  Income Tax Assessment Act 1997

  to: provide non-refundable carry-forward tax offsets for limited partners in early stage venture capital limited partnerships (ESVCLP); provide for a capital gains tax exemption for fixed and unit trust beneficiaries of partners in ESVCLPs; and exclude small entities from eligible venture capital investment auditor requirements;

  Venture Capital Act 2002

  to increase the maximum fund size for ESVCLPs to $200 million;

  Income Tax Assessment Act 1997

  and

  Venture Capital Act 2002

  to: remove the requirement that an ESVCLP divest an investment in an entity once the value of the entity’s assets exceeds $250 million; provide that an entity can invest in another entity and remain an eligible venture capital investment; and enable foreign venture capital funds of funds to hold more than 30 per cent of the committee capital of an ESVCLP and extend their access to capital gains tax and other income tax concessions in relation to eligible venture capital investments; and

  Income Tax Assessment Act 1936

  and

  Taxation Administration Act 1953

  to enable a managed investment trust to disregard its investment in, and through, an ESVCLP or venture capital limited partnership when determining if it is a trading trust. 

  Bill | Explanatory Memorandum

• Territories Legislation Amendment Bill 2016

  Track (What's this?)

  Date

  24 Feb 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Infrastructure and Regional Development 

  Summary

  Introduced with the Passenger Movement Charge Amendment (Norfolk Island) Bill 2016, the bill amends the:

  Norfolk Island Legislation Amendment Act 2015

  to: enable New Zealand residents who hold a permanent visa and reside on Norfolk Island access to social security payments from 1 July 2016; align the early claims period for family assistance payments with the early claims periods for social security and child support payments before 1 July 2016; and broaden the definition of the Norfolk Island Regional Council to enable flexibility in the application of local government law;

  Child Support (Assessment) Act 1989

  and

  Child Support (Registration and Collection) Act 1988

  to extend the child support scheme to residents of the Indian Ocean Territories of Christmas Island and Cocos (Keeling) Islands;

  Commonwealth Electoral Act 1918

  and

  Referendum (Machinery Provisions) Act 1984

  to require eligible Australian citizens and eligible other persons living in Norfolk Island to enrol and vote in federal elections and referendums; and

  Acts Interpretation Act 1901

  and

  Norfolk Island Act 1979

  to extend all Commonwealth laws to Norfolk Island, unless expressly provided otherwise. Also makes consequential and transitional amendments to 57 Acts. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Norfolk Island CGT Exemption) Bill 2016

  Track (What's this?)

  Date

  11 Feb 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax (Transitional Provisions) Act 1997

  to exempt assets held by Norfolk Island residents before 24 October 2015 from capital gains tax; and the

  Income Tax Assessment Act 1997

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016

  Track (What's this?)

  Date

  10 Feb 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  A New Tax System (Goods and Services Tax) Act 1999

  to ensure that the goods and services tax (GST) is applied consistently to all supplies of digital products and other imported services to Australian consumers; and relieve non-resident suppliers of the obligation to account for GST on certain supplies;

  A New Tax System (Australian Business Number) Act 1999

  ,

  A New Tax System (Goods and Services Tax) Act 1999

  and

  Taxation Administration Act 1953

  to make consequential amendments;

  Income Tax Assessment Act 1997

  to increase the maximum amount that can be held in farm management deposits (FMDs) by a primary producer to $800 000; and enable certain primary producers experiencing severe drought conditions to withdraw an amount that has been held in an FMD for less than 12 months;

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to enable FMDs to be used to offset loans or other debts; and

  Income Tax Assessment Act 1997

  to make a technical amendment. 

  Bill | Explanatory Memorandum