Commonwealth revenue measures introduced into Parliament, or registered as legislative instruments or regulations since the September edition of TaxTalk Monthly, include:
- The following Bills, which were introduced into the Senate on 14 September 2017, as part of a package of reforms to the superannuation system (refer to the media release issued by The Hon Kelly O’Dwyer MP, Minister for Revenue and Financial Services, for further details):
- Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, which proposes to amend the Superannuation Industry (Supervision) Act 1993 to introduce new trustee arrangements requiring registrable superannuation licensees to have at least one-third independent directors, and for the Chair of the Board of directors to be one of these independent directors.
- Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, which proposes a range of amendments intended to modernise and increase confidence within the superannuation system.
– Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 2) Bill 2017, which proposes amendments to the Superannuation Guarantee (Administration) Act 1992 to ensure employees under workplace determinations or enterprise agreements have an opportunity to choose the superannuation fund for their compulsory employer contributions.
· The following Bills, which were introduced into the House of Representatives on 7 September 2017 to give effect to certain measures announced as part of the housing affordability package in this year’s Federal Budget:
– Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Bill 2017, which proposes to establish the First Home Super Saver Scheme (in conjunction with the First Home Super Saver Tax Bill 2017), and to allow individuals aged 65 years and over to use the proceeds from the sale of their main residence to make ‘downsizer contributions’ of up to AUD300,000 to their superannuation.
– Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 (the Bill), which proposes to deny deductions for travel expenditure incurred on or after 1 July 2017, and deny depreciation deductions for ‘previously used’ depreciating assets in relation to residential rental property in income years commencing on or after 1 July 2017 (subject to transitional relief). The Bill also proposes to establish an annual ‘vacancy fee’ for foreign owners of residential real estate (in conjunction with Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017).
· The Customs Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Bill 2017 and Customs Tariff Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Bill 2017, which were introduced into the House of Representatives on 6 September 2017. The Bills propose to give effect to new Chapters and Annex in the Singapore-Australia Free Trade Agreement.
· The Customs Amendment (Anti-Dumping Measures) Bill 2017, which was introduced into the House of Representatives on 13 September 2017, proposes to address potential behaviours by foreign exporters which operate against the intent of Australia’s anti-dumping system. This legislation will establish an expanded range of methods that can be used by the Anti-Dumping Commission to determine appropriate export prices and ensure effective measures remain in place, where such measures are appropriate. Refer to the media release issued by The Hon Craig Laundy MP, Assistant Minister for Industry, Innovation and Science, for further details.
· Treasury Laws Amendment (2017 Measures No 6) Bill 2017, which was introduced into the House of Representatives on 14 September 2017, proposes to amend the A New Tax System (Goods and Services Tax) Act 1999 to ensure that from 1 July 2017, supplies of digital currency receive equivalent goods and services tax (GST) treatment to supplies of money, and to update the list of deductible gift recipients. For further information, refer to the media release issued by the Treasurer, the Hon. Scott Morrison MP.
Notice of Substituted Rates of Customs Duty for Excise-Equivalent Goods for various tobacco goods, which came into effect on 1 September 2017.