The following Bills were debated in Parliament yesterday:
- Tax Laws Amendment (Research and Development) Bill 2013, which proposes to deny access to the research and development (R&D) tax incentive for certain large companies, was passed by the Senate with amendments including a revised start date of 1 July 2014 and the replacement of the $20 billion turnover threshold with a $100 million spending cap. This Bill will now return to the House of Representatives for the amendments to be agreed to. See the Government's media release regarding passage of the Bill.
- Treasury Legislation Amendment (Repeal Day) Bill 2014 was passed by the Senate without amendment and now awaits Royal Assent. This Bill proposes, among other things, amendments to repeal payslip reporting provisions, consolidate duplicated tax administration provisions including a repeal and rewrite of the ATO's information gathering powers for income tax purposes, move the content of certain regulations into the Income Tax Assessment Act 1936 or Taxation Administration Act 1953 and repeal spent or redundant taxation laws and rewrite provisions which define “Australia” for income tax purposes.
- Biosecurity Bill 2014 and related Bills were introduced and debated in the Senate. These Bills 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.