Commonwealth revenue measures registered as legislative instruments or regulations since the November edition of TaxTalk Monthly, include:
· Treasury Laws Amendment (2017 Measures No. 2) Regulations 2017. The regulations exempt MITRE Corporation from income tax, and make a number of other minor technical amendments. The Regulations also streamline and improve the administrative efficiency of the tourist refund scheme.
· Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017. The instrument sets out a modulation factor of one for the purposes of working out an entity’s maximum exploration credit amount for the 2017-18 income year under the exploration development incentive.
The following legislative instruments in relation to the Singapore-Australia Free Trade Agreement (SAFTA) were made:
· Foreign Acquisitions and Takeovers Amendment (Amendments of Singapore-Australia Free Trade Agreement) Regulations 2017, which amends the Foreign Acquisitions and Takeovers Regulation 2015 to give effect to Australia’s obligations under the Agreement to amend the SAFTA. The Regulations alter certain threshold values that apply to determine when Singaporean investors (other than foreign government investors) are subject to the foreign investment framework.
· Customs (Singaporean Rules of Origin) Regulations 2017, which prescribes matters that are required under new Division 1BA of the Customs Act 1901 (Cth). This includes the methods used to determine the regional value of content of goods (a calculation used in determining whether a good is a Singaporean originating good) for the purposes of some of the product-specific requirements set out in SAFTA and valuation rules for different kinds of goods.
· Customs (International Obligations) Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Regulations 2017, which amends the Customs (International Obligations) Regulation 2015 to make complementary amendments in relation to record keeping obligations, including extension of existing record keeping obligations to also apply to Australian originating goods that are exported to Singapore, and to also enable a refund of duties paid on Singaporean originating goods, or on goods that would have been Singaporean originating goods, in specified circumstances.
As the House of Representatives did not sit in November, no new tax or superannuation-related Bills have been introduced into Parliament since the November edition of TaxTalk Monthly .
The Spring session of Parliament is scheduled to end on Thursday 7 December 2017.