Australian Taxation Office
- TD 2015/11: The Fringe Benefits Tax (FBT) car parking threshold for the 2015-16 FBT year is $8.37
- Luxury Car Tax Determination LCTD 2015/1: The luxury car tax threshold for the 2015-16 year is $63,184 and the fuel-efficient car limit for the 2015-16 year remains at $75,375 (the same figure as for 2014-15)
- Class rulings released yesterday
The House of Representatives Standing Committee on Economics has announced a new inquiry into home ownership. The terms of reference require the committee to inquire into and report on, among other things:
- the impact of current tax policy at all levels; and
- opportunities for reform.
Submissions can be made to the inquiry by Friday 26 June 2015.
Taxation revenue statistics
This ABS Publication contains statistics of taxation revenue collected by all levels of government in Australia for the periods 2008-09 to 2013-14. The taxation revenue statistics presented are for the general government sector and include taxes received from public corporations. In 2013–14, taxes on income represented 57% of total taxation revenue for all levels of government and taxes on provision of goods and services, including the GST, represented 23%.
Progress of Bills in Parliament:
- Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Bill 2015 and related Bills, part of a package to reform the governance arrangements and introduce taxation, social security and healthcare arrangements on Norfolk Island, were introduced into the Senate yesterday.
- The House of Representatives agreed to the amendments made by the Senate to the Customs Amendment (Anti-Dumping Measures) Bill (No 1) 2015 and Customs Tariff (Anti-Dumping) Amendment Bill 2015, which both seek to strengthen and modernise Australia's anti-dumping laws. These Bills have now completed their passage through Parliament and await Royal Assent.
- Biosecurity Bill 2014 and related Bills, which propose to replace the Quarantine Act 1908 to become the primary source for managing Australia’s biosecurity system, including the management of the risk of pests and diseases entering Australia, were passed by the Senate yesterday. The Biosecurity Bill 2014 returned to the House of Representative today for debate and consideration of the amendments made by the Senate.
Social security agreement with India
The Joint Standing Committee on Treaties tabled a report on the Agreement between Australia and the Republic of India on Social Security this week, which recommended that binding treaty action be taken.