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TOTAL RESULTS: 121

  • Date
    18 Sep 2019 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Employment, Skills, Small and Family Business 
    Summary
    Part of a package of three bills to implement a tuition protection model for students participating in the VET Student Loans program and for higher education students accessing FEE-HELP or HECS-HELP assistance at a private education provider or TAFE, the bill imposes the VSL tuition protection levy, specifies the amounts that are payable by various classes of providers, and prescribes the levy components and the manner in which, and by whom, they will be determined each year. 

    Bill | Explanatory Memorandum

  • Date
    23 Oct 2019 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019, the bill amends the:
    Income Tax Assessment Act 1997
    to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property under the foreign resident CGT regime, the principal asset test is applied on an associate inclusive basis;
    Income Tax (Transitional Provisions) Act 1997
    to provide for transitional arrangements in relation to the main residence exemption;
    Foreign Acquisitions and Takeovers Act 1975
    to require a reconciliation payment to be made by developers who sell dwellings to foreign persons under a near-new dwelling exemption certificate; and
    Income Tax Assessment Act 1997
    and
    Taxation Administration Act 1953
    to provide an additional affordable housing capital gains discount of up to 10 per cent. 

    Bill | Explanatory Memorandum

  • Date
    18 Sep 2019 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Assessment Act 1997
    and
    Superannuation Guarantee (Administration) Act 1992
    to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non compliance; and
    Superannuation Guarantee (Administration) Act 1992
    to limit the Commissioner of Taxation’s ability to remit penalties for historical superannuation guarantee non-compliance, where an employer fails to disclose information relevant to their historical superannuation guarantee shortfall. 

    Bill | Explanatory Memorandum

  • Date
    18 Sep 2019 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends the
    Competition and Consumer Act 2010
    to: prohibit certain conduct in electricity retail, contract and wholesale markets, broadly relating to retail pricing, financial contract market liquidity and conduct in wholesale spot markets; provide powers and remedies which the ACCC may use if it reasonably believes a corporation has engaged, or is engaging, in prohibited conduct in the electricity sector; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to issue a written order to a corporation or another body to make offers to enter into electricity financial contracts with third party entities; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to apply to the Federal Court (the court) for a divestiture order and for the court to make related orders that a corporation or another body corporate dispose of interests in securities or assets that are part of its electricity business; set out the notice and recommendation procedures that must be followed before an order can be made in respect of a corporation or another body corporate; confer new compulsory information gathering powers on the Australian Energy Regulator (AER); allow the AER to share information with other agencies; and facilitate the conferral of functions related to the regulation of retail electricity prices on the AER. 

    Bill | Explanatory Memorandum

  • Date
    19 Sep 2019 
    Chamber
    House of Representatives 
    Status
    Passed Both Houses 
    Portfolio
    Treasury 
    Summary
    Amends the
    International Tax Agreements Act 1953
    to: give legislative authority to the Convention between the Government of Australia and the Government of the State of Israel for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and correct an incorrect cross reference to the specific source rule that applies in relation to an earlier agreement with Germany; and
    Income Tax Assessment Act 1997
    to introduce a deemed source of income rule to ensure that Australia can exercise its taxing rights under the convention and future international tax agreements. 

    Bill | Explanatory Memorandum

  • Date
    01 Aug 2019 
    Chamber
    House of Representatives 
    Status
    Assent 
    Portfolio
    Treasury 
    Summary
    Implements a recommendation of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by amending the
    Corporations Act 2001
    to: remove grandfathering arrangements for conflicted remuneration and other banned remuneration from 1 January 2021; and enable regulations to provide for a scheme under which amounts that would otherwise have been paid as conflicted remuneration are rebated to affected customers. 

    Bill | Explanatory Memorandum

  • Date
    04 Jul 2019 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends: the
    Corporations Act 2001
    to: introduce new criminal offences and civil penalty provisions for company officers that fail to prevent the company from making creditor-defeating dispositions and other persons that facilitate a company making a creditor-defeating disposition; allow liquidators to apply for a court order in relation to a voidable creditor-defeating disposition; enable the Australian Securities and Investments Commission to make orders to recover, for the benefit of a company’s creditors, company property disposed of or benefits received under a voidable creditor-defeating disposition; and prevent directors from improperly backdating resignations or ceasing to be a director when this would leave a company with no directors; the
    A New Tax System (Goods and Services Tax) Act 1999
    and
    Taxation Administration Act 1953
    to enable the Commissioner of Taxation to collect estimates of anticipated goods and services tax (GST) liabilities and make company directors personally liable for their company's GST liabilities in certain circumstances; the Taxation Administration Act 1953 to authorise the commissioner to retain tax refunds where a taxpayer has failed to lodge a return or provide other information that may affect the amount of a refund; and five Acts to make consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    24 Jul 2019 
    Chamber
    House of Representatives 
    Status
    Assent 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Assessment Act 1936
    to: remove a tax deduction which arises upon repayment of principal under a concessional loan by certain privatised entities;
    Income Tax Assessment Act 1997
    to: introduce a new additional basic condition in relation to partnerships for the small business capital gains tax concessions; and limit tax deductions for losses or outgoings incurred that relate to holding vacant land;
    Income Tax Assessment Act 1936
    and
    Taxation Administration Act 1953
    to extend to family trusts the anti-avoidance rules that apply to other closely held trusts that undertake circular trust distributions;
    Taxation Administration Act 1953
    to: allow taxation officers to disclose the business tax debt information of a taxpayer to credit reporting bureaus certain circumstances; and enable the Australian Taxation Office to develop and/or administer a framework or system for electronic invoicing; and
    Superannuation Guarantee (Administration) Act 1992
    to ensure that an individual’s salary sacrifice contributions cannot be used to reduce an employer’s minimum superannuation guarantee contributions. 

    Bill | Explanatory Memorandum

  • Date
    18 Sep 2019 
    Chamber
    House of Representatives 
    Status
    Assent 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Assessment Act 1997
    to extend the concessional tax treatment for genuine redundancy and early retirement scheme payments made to individuals who are 65 years or older provided the dismissal or retirement occurs before they reach pension age;
    A New Tax System (Luxury Car Tax) Act 1999
    to increase the refund amount that eligible primary producers and tourism operators can receive when luxury car tax is borne on the supply or import of an eligible vehicle;
    Competition and Consumer Act 2010
    to: increase the size of the board of the Australian Energy Regulator from three to five members and make changes to the operation of the board; and create a requirement that consumer data rules include an obligation on accredited data recipients to delete consumer data right data in response to a valid request from a consumer;
    Superannuation (Unclaimed Money and Lost Members) Act 1999
    to enable the Commissioner of Taxation to pay interest on amounts held by the commissioner that are proactively reunified with a person’s active superannuation account; and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to prescribe the rate of interest payable on inactive low balance accounts and amounts proactively reunified by the commissioner. 

    Bill | Explanatory Memorandum

  • Date
    04 Jul 2019 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Corporations Act 2001
    and
    National Consumer Credit Protection Act 2009
    to allow regulations to provide for exemptions from the Australian Financial Services Licence and Australian Credit Licence requirements for the purposes of testing financial and credit products and services under certain conditions;
    Income Tax Assessment Act 1997
    to amend the venture capital and early stage investor provisions to ensure that they operate as intended in relation to capital gains tax transactions, managed investment trusts and the early stage investor tax offset; and
    Income Tax Assessment Act 1936
    to amend the definition of public trading trusts. Also provides for an independent review of the operation of the exemptions from the Australian Financial Services Licence and Australian Credit Licence requirements. 

    Bill | Explanatory Memorandum

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