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• Treasury Laws Amendment (2020 Measures No. 5) Bill 2020

  Track (What's this?)

  Date

  11 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: enable the minister to declare certain grant programs as eligible for non-assessable non-exempt income tax treatment under an instrument-making power; and update the list of deductible gift recipients to include Neighbourhood Watch Australasia; and

  Income Tax Assessment Act 1997

  and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to facilitate the payment of unclaimed superannuation held by the Commissioner of Taxation directly to New Zealand KiwiSaver schemes. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

  Track (What's this?)

  Date

  02 Dec 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to: provide an alternative mechanism to the existing test for working out if the $5 billion threshold applies to qualify for the temporary full expensing concession; enable entities to opt out of temporary full expensing and the backing business investment incentives on an asset-by-asset basis; and make a minor clarification to the operation of the temporary loss carry back provisions; the

  Income Tax (Transitional Provisions) Act 1997

  to make a minor technical correction; the

  Competition and Consumer Act 2010

  to: reallocate the responsibility for conducting sectoral assessments and making consumer data rules; and make miscellaneous amendments in relation to the consumer data right regime; the

  Australian Charities and Not-for-profits Commission Act 2012

  to provide that an entity is not a basic religious charity if the entity has been identified as being responsible for past institutional child sexual abuse and it has not participated in the National Redress Scheme for Institutional Child Sexual Abuse; and 17 Acts in the Treasury portfolio to make minor and technical amendments. Also repeals 18 Acts in the Treasury portfolio. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 1) Bill 2021

  Track (What's this?)

  Date

  17 Feb 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Corporations Act 2001

  to: allow companies to execute documents, hold meetings, provide notices relating to meetings and keep minutes using electronic means or other alternative technologies until 16 September 2021; and make contingent amendments; and

  Australian Securities and Investments Commission Act 2001

  and

  Corporations Act 2001

  to: provide that all civil penalty proceedings commenced under the continuous disclosure and misleading and deceptive conduct provisions must prove that an entity or officer acted with 'knowledge, recklessness or negligence' in respect of an alleged contravention; and make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

  Track (What's this?)

  Date

  17 Mar 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to require a fund, authority or institution to be a registered charity or an Australian government agency, or be operated by a registered charity or an Australian government agency, to be entitled to a deductible gift recipient endorsement;

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to remove the concessional tax treatment for offshore banking units (OBU); and

  Income Tax Assessment Act 1936

  to: remove the ability of the minister to issue determinations or declarations that a person or entity is an OBU; and remove the withholding tax exemption for OBUs for interest (including interest consisting of gold) paid on or after 1 January 2024. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 3) Bill 2021

  Track (What's this?)

  Date

  13 May 2021 

  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;

  National Housing Finance and Investment Corporation Act 2018

  to expand the objects of the Act to include the National Housing Finance and Investment Corporation improving housing outcomes for Australians by assisting earlier access to the housing market by single parents with dependants;

  Income Tax Assessment Act 1997

  ,

  Social Security Act 1991

  and

  Veterans' Entitlements Act 1986

  to provide that annual and lump sum payments made by the Commonwealth to thalidomide survivors are exempt from income tax and do not count as income for the purposes of any income support payments; and

  Income Tax Assessment Act 1997

  to: make disaster recovery grant payments in relation to the storms and floods that occurred in February and March 2021 non-assessable non-exempt income; update the list of deductible gift recipients to include six new entities; and extend the period in which two entities are deductible gift recipients. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

  Track (What's this?)

  Date

  26 May 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Fringe Benefits Tax Assessment Act 1986

  to provide employers with an exemption from fringe benefits tax if they provide training or education to a redundant, or soon to be redundant, employee for the purpose of assisting that employee to gain new employment;

  Income Tax Assessment Act 1997

  to: extend the operation of the junior minerals exploration incentive for a further four years; and include a reporting requirement for mineral exploration companies where no exploration investment has occurred to enable unused exploration credits to be identified earlier and reallocated;

  Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018

  to make consequential amendments;

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to provide a capital gains tax exemption for granny flat arrangements where there is a formal written agreement in place;

  Corporations Act 2001

  and

  National Consumer Credit Protection Act 2009

  to provide that the Australian Securities and Investment Commission is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration payable by a retail client or consumer in relation to a financial or credit product;

  International Tax Agreements Act 1953

  to disregard days spent in Australia due to COVID-19 by New Zealand sportspersons on teams participating in cross-border competitions and their support staff in determining whether income derived from such competitions is taxable in Australia; and

  Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020

  to retain the low and middle income tax offset for the 2021-22 financial year. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

  Track (What's this?)

  Date

  24 Jun 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Income Tax Assessment Act 1997

  to: increase the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure; increase the minimum qualifying Australian production expenditure threshold for claiming the producer offset and the post, digital and visual effects offset to $1 million; remove the 65 commercial hour cap on claiming qualifying Australian production expenditure for a drama series and seasons of a drama series; and create limitations on what a company can count as a films qualifying Australian production expenditure; 15 Acts to make amendments consequential on new debt restructuring and liquidation processes for eligible incorporated small businesses; and 16 Acts in the Treasury portfolio to make miscellaneous and technical amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 6) Bill 2021

  Track (What's this?)

  Date

  11 Aug 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: make refunds of large-scale generation shortfall charges exempt from income tax; and remove the requirement for superannuation trustees to provide an actuarial certificate when calculating exempt current pension income using the proportionate method, where all members of the fund are fully in the retirement phase for all of the income year;

  Competition and Consumer Act 2010

  to: increase the maximum amount of penalty units that can be included in regulations that prescribe an industry code from 300 to 600 penalty units; clarify that if regulations prescribe an industry code, the industry code may confer on a person or body functions and powers in relation to the code; and

  Family Law Act 1975

  and

  Taxation Administration Act 1953

  to create an information sharing mechanism to allow the family law courts to access certain superannuation information held by the Commissioner of Taxation for the purpose of permitting family law proceedings. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 7) Bill 2021

  Track (What's this?)

  Date

  25 Aug 2021 

  Chamber

  House of Representatives 

  Status

  Not Proceeding 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Taxation Administration Act 1953

  to require electronic platform operators to provide information on transactions made through the platform to the Australian Taxation Office;

  Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018

  to facilitate the closure and any transitional arrangements associated with the Australian Financial Complaints Authority replacing the Superannuation Complaints Tribunal; and

  Fringe Benefits Tax Assessment Act 1986

  ,

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to remove the $250 non-deductible threshold for work-related self-education expenses. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2022 Measures No. 1) Bill 2022

  Track (What's this?)

  Date

  27 Jul 2022 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to provide an income tax exemption for certain recovery grants made to small businesses and primary producers impacted by Cyclone Seroja in April 2021;

  Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018

  to facilitate the closure and transitional arrangements associated with the Australian Financial Complaints Authority (AFCA) replacing the Superannuation Complaints Tribunal (SCT);

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to provide income tax and withholding tax exemptions for the International Federation of Association Football (FIFA) and its wholly owned subsidiary established for the purpose of delivering the 2023 FIFA Women's World Cup. Also makes minor and technical amendments to 12 Acts. 

  Bill | Explanatory Memorandum