Australian Taxation Office

New or updated materials on ATO website, including:

GST on sanitary products

The Treasurer has advised that he has asked Treasury to cost the removal of the GST on sanitary products, and once those costings have been received, will write to the states for them to consider the issue ahead of the next COAG meeting in July.

Bills introduced into Parliament

The following Bills have been introduced into the House of Representatives this morning:

  • Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2015, which proposes to increase the Medicare levy and Medicare levy surcharge low-income thresholds for the 2014-15 year in accordance with the 2015-16 Budget announcement
  • Crimes Legislation Amendment (Penalty Unit) Bill 2015, which proposes to increase the amount of the Commonwealth penalty unit to $180 with effect from 31 July 2015, and provides for the amount to be automatically adjusted every three years in line with inflation
  • Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015, which contains the following measures:
    • cessation of the First Home Saver Accounts Scheme
    • abolition of the dependent spouse tax offset from the 2014-15 income year
    • amendments to the Offshore Banking Unit (OBU) regime from 1 July 2015
    • introduction of an income tax exemption for the Global Infrastructure Hub
    • implementation of the third element of the Investment Manager Regime (IMR) from the 2015-16 year (with some transition relief for prior years)
    • update to the list of deductible gift recipients, and
    • miscellaneous amendments
  • Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015, which contains the following measures:
    • abolition of the seafarer tax offset from the 2015-16 income year
    • reduction in the rates of the Research and Development tax offsets by 1.5 percentage points with effect from 1 July 2014

Legislation cleared for introduction into Federal Parliament

The following Bills have been cleared for introduction into Federal Parliament, but are not listed for introduction today:

  • Tax Laws Amendment (Small Business Measure No. 1) Bill 2015
  • Tax Laws Amendment (Small Business Measure No. 2) Bill 2105

Royal Assent to Bills

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, have received Royal Assent.