Parliamentary Committee recommends binding treaty action on BEPS MLI

On 27 November, the Federal Parliament’s Joint Standing Committee on Treaties tabled a report supporting the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and recommended that binding treaty action be taken.

Due date for report on Corporate Tax Avoidance extended

The due date for the Senate Economics References Committee’s report on the inquiry into corporate tax avoidance has been extended from 28 November to 6 December 2017.

Progress of legislation

As at 1.12.17

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Introduced into House of Reps 19.10.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into House of Reps 18.10.17.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into the Senate 18.10.17.

Bill

First Home Super Saver Tax Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into the Senate 18.10.17.

Bill

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Act No. 126 of 2017.

Bill

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Act No. 127 of 2017.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into the Senate 13.11.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.