Revenue measures introduced into the Commonwealth Parliament include:
Private Health Insurance Amendment Bill (No 1) 2014, which was introduced into the House of Representatives on 24 September 2014, proposes to pause the income thresholds which determine the tiers for the Medicare levy surcharge and the Government Rebate on private health insurance, Specifically, the proposed amendment will result in the 2014-15 financial year thresholds continuing to apply for the 2015-16, 2016-17 and 2017-18 financial years.
Customs Tariff Proposal (No 1) 2014 and Excise Tariff Proposal (No 1) 2014, tabled in the House of Representatives on 30 October 2014, will, from 10 November 2014, index the rate of fuel duty for liquid fuels, such as petrol and diesel, to the Consumer Price Index. Indexation of duty on fuel will apply each year thereafter on 1 February and 1 August.
Other duty rates for alternative fuels, such as gaseous fuels, will be indexed in the same manner.
The Tariff Proposals also round the applicable duty rate of indexed fuels from three decimal places of a cent to one decimal place.
Tax and Superannuation Laws Amendment (2014 Measures No. 6) Bill 2014, which was introduced into the House of Representatives on 30 October 2014, proposes to:
- extend the existing business restructure ‘roll- overs’ available where a member of a company or unit-holder in a unit trust can defer the income tax consequences of transactions that occur in the course of a business restructure. In particular, the amendments permit taxpayers to apply the roll-overs in circumstances where they held the relevant shares or units as ‘revenue assets’ or trading stock
- consolidate the separate but effectively identical business restructure roll-overs for shares and units in a unit trust into a single set of provisions
- make a number of technical changes to provisions of the Income Tax Assessment Act 1997 (ITAA 1997) to: allow roll-overs for trusts transferring all their assets to a trust or company to apply where the new trust or company holds rights needed to facilitate the transfer; address a technical defect in the operation of the business restructure roll-overs in relation to revenue assets; and clarify that the business restructure roll-overs only apply where the new asset has the same character (as a revenue asset or trading stock) as the original asset
- amend the taxation law so as to ensure that foreign pension funds can access the managed investment trust (MIT) withholding tax regime and the associated lower rate of withholding tax on income from certain Australian investments
- amend the taxation law to provide an exemption from Australian tax on income derived by certain entities engaged by the Government of the United States of America (USA) in connection with Force Posture Initiatives in Australia, and
- amend the Fuel Tax Act 2006 and the Energy Grants (Cleaner Fuels) Scheme Regulations 2004 so as to ensure that changes to the amount of excise and excise-equivalent customs duty payable by taxpayers as a result of any Tariff Proposals tabled in the House of Representatives on 30 October 2014 are taken into account in calculating fuel tax credits and the cleaner fuels grant for biodiesel and renewable diesel.
There are various commencement dates for these changes.