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TOTAL RESULTS: 188
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- Date
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18 Sep 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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04 Jul 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends the:
Superannuation Industry (Supervision) Act 1993
to prevent trustees from providing insurance on an opt out basis to members who are under 25 years old and begin to hold a new product on or after 1 October 2019, and to members who hold products with balances below $6000; and Superannuation (Unclaimed Money and Lost Members) Act 1999
to make consequential amendments.
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- Date
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18 Sep 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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04 Jul 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends the:
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; and 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.
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- Date
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19 Sep 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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01 Aug 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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24 Jul 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends the
Competition and Consumer Act 2010
, Australian Information Commissioner Act 2010
and Privacy Act 1988
to create the Consumer Data Right to provide individuals and businesses with a right to access specified data in relation to them held by businesses.
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- Date
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04 Jul 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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24 Jul 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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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.
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- Date
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05 Dec 2019
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends: the
Income Tax Assessment Act 1936
to provide that the tax concessions available to minors for income from a testamentary trust apply only in respect of income generated from assets of the deceased estate transferred to the testamentary trust (or the proceeds of the disposal or investment of those assets); the Corporations Act 2001
to defer the transitional timeframes for existing providers to comply with the education and training standard requiring completion of an approved degree or equivalent qualification and the passing of an approved exam to 1 January 2026 and 1 January 2022, respectively; and 30 Acts to make minor and technical amendments to laws relating to taxation, superannuation, corporations and credit.
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