Federal Parliament resumed for the spring session of Parliament on 13 August 2018. 

Commonwealth revenue measures introduced into Parliament or registered as legislative instruments or regulations since the last issue of TaxTalk include: 

  • The Customs Amendment (Pacific Agreement on Closer Economic Relations Plus Implementation) Bill 2018 and Customs Tariff Amendment  Pacific Agreement on Closer Economic Relations Plus Implementation) Bill 2018, which propose to amend the Customs Act 1901 and Customs Tariff Act 1995 to implement the Pacific Agreement on Closer Economic Relations (PACER) Plus, were introduced into the House of Representatives on 16 August 2018. 
  • Customs Tariff Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018 and Customs Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018, which seek to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (the TPP-11) and introduce new rules of origin for goods imported into Australia from a Party to the TPP-11, were introduced into the House of Representatives on 23 August 2018. 

The following key tax Bills have completed their passage through Parliament: 

  • Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 which amends the Income Tax Rates Act 1986 to ensure that from the 2017-18 income year, a corporate tax entity will not qualify for the lower corporate tax rate if more than 80 per cent of its assessable income for that income year is passive income. 
  • Customs Amendment (Illicit Tobacco Offences) Bill 2018 which creates two new offences in respect of imported illicit tobacco (based on recklessness) and allows officers of Customs to investigate certain new illicit tobacco offences. 
  •  Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018 which amends the International Tax Agreements Act 1953 to give force of law in Australia to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. See also the Government’s media release. 
  •  Treasury Laws Amendment (Tax Integrity and Other Measures No 2) Bill 2018 which, among other things, implements the OECD hybrid mismatch rules. 

Other Commonwealth revenue measures that were registered as legislative instruments or regulations since the last issue of TaxTalk, include: 

  • Notice of Substituted Rates of Customs Duty for Excise-Equivalent Goods – Notice (No. 3) 2018 for certain excise-equivalent goods from 1 August 2018. 
  • Notice of Substituted Rates of Excise Duty – Notice No. 3 (2018) sets out the substituted rate of excise duty for certain goods from 1 August 2018. 
  • Legislation (Exemptions and Other Matters) Amendment (2018 Measures No. 2) Regulations 2018 amend the Principal Regulation to provide for, and clarify, exemptions from sunsetting for  particular instruments, including the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. 
  •  Corporations Amendment (Asia Region Funds Passport) Regulations 2018 which amends the Corporations Regulations 2001 and other miscellaneous regulations to implement the Asia Region Funds Passport in Australia, including measures to ensure that the disclosure  requirements for foreign passport funds products are the same as those that currently apply to managed investment products.