Australian Taxation Office
New or updated materials on ATO website, including:
- Exploration Development Incentive Participation form and instructions - note that the deadline to lodge this application is 30 September 2015 in relation to eligible exploration expenditure incurred in the 2014-15 income year
- Further consultation on Single Touch Payroll: information about additional consultation activities on Single Touch Payroll following the recent Government announcement
- Reminder: monthly PAYG instalments
Royal Assent to Bills
The following Bills have received Royal Assent:
- Tax Laws Amendment (Small Business Measure No. 1) Bill 2015, which reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities, and
- Tax Laws Amendment (Small Business Measure No. 2) Bill 2015, which provides a temporary up-front deduction for small business entities for depreciating assets up to $20,000 and accelerated depreciation for primary producers for water facilities, fodder storage assets and fencing.
Progress of Bills
The following Bills progressed in Parliament yesterday:
- Excise Tariff Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to reduce the rates of excise for domestically manufactured biodiesel and fuel ethanol to nil for a one-year period commencing on 1 July 2015, and then increase these rates each year from 1 July 2016, was passed by the Senate with 1 Government amendment to again change the phase in rates for excise on biodiesel. The Bill then returned to the House of Representatives where this amendment was agreed to. This Bill now awaits Royal Assent.
- Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to remove grants for renewable diesel and biodiesel from 1 July 2015, was passed by the Senate without amendment. This Bill now awaits Royal Assent.
Social Security Agreement with India
Social Security (International Agreements) Amendment (Republic of India) Regulation 2015 amends the Social Security (International Agreements) Act 1999 to insert the Agreement between Australia and the Republic of India on Social Security for purposes of coordinating the relevant social security schemes to give better retirement income protection for people who move between Australia and India. The agreement also includes provisions on double superannuation coverage for temporarily seconded workers.