Australian Taxation Office

New or updated materials on ATO website, including:

Royal Assent to Bills

The Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 and Customs Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together implement the China-Australia Free Trade Agreement, received Royal Assent yesterday.

Progress of Bills in Parliament

New Bills introduced this morning

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

  • Treasury Legislation Amendment (Repeal Day 2015) Bill 2015, which proposes to:
    • simplify the superannuation guarantee (SG) charge by aligning the earnings base for calculating the SG charge with the earnings base for calculating SG contributions, aligning the interest component on any SG shortfall with the period over which the contributions are outstanding, and replace the SG charge penalty with the administrative penalty applied under the Taxation Administration Act 1953(effective from 1 July 2016)
    • enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition and remove the requirement for superannuation funds to lodge a separate biannual lost members statement (effective from 1 July 2016)
    • amend the tax law to remove a number of inoperative or spent provisions including the tax-exempt infrastructure borrowing concession.
  • Omnibus Repeal Day (Spring 2015) Bill 2015, which proposes to repeal inoperative Acts and provisions and make a number of consequential amendments to other Acts so as to remove references to those inoperative Acts.
  • Tax Laws Amendment (Gifts) Bill 2015, which proposes to update the list of specifically listed deductible gift recipients.