Revenue measures introduced into the Commonwealth Parliament include:
Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014, introduced into Parliament on 29 October 2014. These Bills implement the Japan-Australia Economic Partnership Agreement (JAEPA) signed by the Australian and Japanese Governments on 8 July 2014.
According to the Department of Foreign Affairs and Trade, JAEPA will:
- Allow more than 97 per cent of Australia's exports to Japan to enter duty-free or receive preferential access
- Slash prohibitive agricultural tariffs on a wide range of products to Australia's second-largest agricultural export market, including rapid tariff reductions for beef (Australia's largest agricultural export to Japan)
- Eliminate tariffs on all of Australia's current minerals, energy and manufacturing exports
- Guarantees Australian service providers outcomes equal to or better than the best commitments Japan has made in any of its other trade agreements
- Allow both governments to support work towards enhanced mutual recognition of professional qualifications
- Promote Japanese investment in Australia by raising the screening threshold at which private Japanese investment in non-sensitive sectors is considered by the Foreign Investment Review Board
- Grant Australian innovators levels of protection for their intellectual property in Japan broadly equivalent to protections provided in Australia.
Trade Agreements Legislation Amendment Regulation 2014 registered on 3 November 2014 amends Foreign Acquisitions and Takeovers Regulations 1989 and Life Insurance Regulations 1995 to give effect to Australia’s foreign investment screening and life insurance regulation commitments under the Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement
Customs (Korean Rules of Origin) Regulation 2014 and Customs Amendment (Korean Rules of Origin) Regulation 2014, each registered on 3 November 2014, set out matters relating to the rules of origin that are required to be prescribed under new Division 1J of Part VIII of the Customs Act 1901 and prescribe new refund circumstances in respect of goods imported into Australia from Korea, in order to fulfil Australia's obligations under the Korea-Australia Free Trade Agreement.
Treasury Legislation Amendment (Repeal Day) Bill 2014, introduced into the House of Representatives on 22 October 2014, makes amendments, among others, to: repeal pay-slip reporting provisions, consolidate duplicated taxation administration provisions including a repeal and rewrite of the Commissioner’s information gathering powers for income tax purposes (section 263 and section 264 of the Income Tax Assessment Act 1936), move the content of certain regulations into the Income Tax Assessment Act 1936 or the Taxation Administration Act 1953, repeal spent or redundant taxation laws, and rewrite provisions which define ‘Australia’ for income tax purposes.
Tax and Superannuation Laws Amendment (2014 Measures No. 3) Regulation 2014 registered on 17 November 2014, amends the Income Tax Regulations 1936 and the Tax Administration Regulations 1976 to facilitate information sharing between Commonwealth agencies in the course of certain tax investigations (specifically, the Trusts Taskforce and the Phoenix Taskforce) and provide an income tax exemption for Australian Defence Force (ADF) personnel undertaking warlike service in Iraq as part of Operation OKRA.