The following Bills progressed in Parliament yesterday:
- Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill 2014 was passed by the Senate with 4 opposition amendments which removed from the Bill the provisions to abolish the Seafarer Tax Offset and to reduce the rate of the R&D tax offset. The measures to abolish the mature age worker tax offset and update the list of deductible gift recipients remain. The Bill will now return to the House of Representatives for the amendments to be agreed.
- Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 and Excess Exploration Credit Tax Bill 2014 were introduced into the Senate. These Bills include, among other things, the proposed exploration development incentive and measures to provide fairer taxation of excess non-concessional contributions.