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TOTAL RESULTS: 245

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends: five Acts to make technical amendments to the income tax law in relation to attribution managed investment trusts (AMITs) and managed investment trust (MITs), including modifications to the AMIT primary and transitional rules, and MIT and AMIT capital gains tax and withholding tax rules; the
    Income Tax Assessment Act 1997
    to: update the list of specifically listed deductible gift recipients (DGRs) to include six new entities; and provide that entities that promote Indigenous languages may be endorsed as a DGR; and the
    Competition and Consumer Act 2010
    to remove the exemption for conditional licensing or assignment of IP rights such as patents, registered designs, copyright or eligible circuit layout rights from prohibitions on restrictive trade practices. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Introduced with the Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018, the bill amends the:
    Income Tax Assessment Act 1997
    to remove the income tax deduction for certain payments if the associated withholding obligations have not been complied with;
    Taxation Administration Act 1953
    to require entities providing road freight, IT or security, investigation or surveillance services that have an ABN to report to the ATO information about transactions in which other entities are engaged to undertake those services on their behalf; and
    Excise Act 1901
    and
    Taxation Administration Act 1953
    to establish a framework to make excise duty on tobacco due and payable at the time of manufacture. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Corporations Act 2001
    to introduce design and distribution obligations in relation to financial products;
    Corporations Act 2001
    and
    National Consumer Credit Protection Act 2009
    to introduce a product intervention power for the Australian Securities and Investments Commission to prevent or respond to significant consumer detriment; and
    Australian Securities and Investments Commission Act 2001
    to make consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends the
    Competition and Consumer Act 2010
    to introduce a national regime to regulate gift cards, including requirements that: gift cards must have a minimum three year expiry period; information about the expiry of a gift card must be displayed prominently on the card itself; terms and conditions cannot allow certain post-supply fees to be charged; and certain fees cannot be charged after a gift card is supplied. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the:
    Income Tax Assessment Act 1997
    and
    Taxation Administration Act 1953
    to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30 per cent;
    Income Tax Assessment Act 1997
    to modify the thin capitalisation rules to prevent double gearing structures;
    Income Tax Assessment Act 1936
    to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and
    Income Tax Assessment Act 1936
    and
    Income Tax Assessment Act 1997
    to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Assessment Act 1997
    and
    Tax Laws Amendment (Research and Development) Act 2015
    to: permanently increase the research and development (R&D) expenditure threshold from $100 million to $150 million; link the R&D tax offset for refundable R&D tax offset claimants to their corporate tax rates plus a 13.5 percentage point premium; cap the refundability of the R&D tax offset at $4 million per annum; and increase the targeting of the R&D tax incentive to larger R&D entities with high levels of R&D intensity;
    Income Tax Assessment Act 1997
    to extend the concept of tax benefits in the general anti-avoidance rule in Part IVA of the
    Income Tax Assessment Act 1936
    to include the R&D tax offset;
    Income Tax Assessment Act 1997
    ,
    Income Tax Rates Act 1986
    and
    Income Tax (Transitional Provisions) Act 1997
    to: remake and consolidate provisions relating to clawback of R&D recoupments and feedstock adjustments; introduce a new uniform clawback rule that applies for recoupments, feedstock adjustments and balancing adjustment amounts that are included in an R&D entity’s assessable income; and introduce a new catch-up rule for R&D assets;
    Taxation Administration Act 1953
    to require the Commissioner of Taxation to publish information about the R&D activities of R&D entities claiming the R&D tax offset following a two-year delay;
    Industry Research and Development Act 1986
    (IR&D Act) to: provide for the Board of Innovation and Science Australia (ISA) to make a determination, by notifiable instrument, about how it will exercise its powers and perform its functions and duties; and expand the existing power of the Board of ISA and its committees to delegate some or all of their functions to include certain members of the Australian Public Service; Industry Research and Development Decision-making Principles 2011 to provide that extensions of time granted under the IR&D Act may relate to certain applications;
    Income Tax Assessment Act 1936
    and
    Income Tax Assessment Act 1997
    to: require an entity to use the value of the assets, liabilities and equity capital that are used in its financial statements; remove the ability for an entity to revalue its assets specifically for thin capitalisation purposes; and ensure that non-ADI foreign controlled Australian tax consolidated groups and multiple entry consolidated groups that have foreign investments or operations are treated as both outward investing and inward investing entities;
    A New Tax System (Goods and Services Tax) Act 1999
    to require offshore suppliers of rights or options to use commercial accommodation in Australia to include these supplies in working out their GST turnover;
    A New Tax System (Luxury Car Tax) Act 1999
    to remove liability for luxury car tax from cars that are re-imported following service, repair or refurbishment overseas; and
    Income Tax Assessment Act 1997
    and
    Taxation Administration Act 1953
    to: extend the circumstances in which an entity is a significant global entity; and amend the country by country reporting requirements to apply to a subset of significant global entities referred to as country by country reporting entities. 

    Bill | Explanatory Memorandum

  • Date
    20 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Veterans' Affairs 
    Summary
    Amends the:
    Military Rehabilitation and Compensation Act 2004
    to enable the Chief of the Defence Force (CDF) to make a claim for liability for a current serving Australian Defence Force member, where the member has given consent for the CDF to make the claim on their behalf for a service injury or disease;
    Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988
    to expand the existing power of the Military Rehabilitation and Compensation Commission to request certain information to include any Commonwealth, state or territory departments and authorities, and other persons; and
    Veterans’ Entitlements Act 1986
    to provide that exempt lump sum determinations made by the Secretary of the Department of Social Services will apply as exempt lump sums from the income test that applies to Department of Veterans' Affairs' income support clients. 

    Bill | Explanatory Memorandum

  • Date
    19 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Home Affairs 
    Summary
    Amends the
    Aviation Transport Security Act 2004
    to enable the secretary to give an aviation industry participant a transport security program that sets out the security requirements they must meet. 

    Bill | Explanatory Memorandum

  • Date
    19 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Home Affairs 
    Summary
    Amends the
    Customs Act 1901
    to require tobacco importers to pay import duty on tobacco products upon importation into Australia from 1 July 2019, thereby removing the option to enter imported tobacco products into a licensed warehouse without the payment of import duties. Also includes transitional arrangements for the treatment of tobacco products that are still in warehouses on 1 July 2019. 

    Bill | Explanatory Memorandum

  • Date
    19 Sep 2018 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Home Affairs 
    Summary
    Introduced with the Customs Tariff Amendment (Peru-Australia Free Trade Agreement Implementation) Bill 2018 to implement Australia's obligations under the Peru-Australia Free Trade Agreement, the bill amends the
    Customs Act 1901
    to: provide preferential rates of duty for certain Peruvian originating goods; and impose certain obligations on exporters and producers of eligible goods to Peru for which a preferential rate of customs duty is claimed. 

    Bill | Explanatory Memorandum

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