Second Reading Speeches

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

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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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.