Federal Parliament finished its Winter session in the early hours of Friday 23 June 2017. It will next resume sitting on Tuesday 8 August 2017.
Commonwealth tax and superannuation measures introduced into Parliament since our last TaxTalk include:
· The Major Bank Levy Bill 2017 and Treasury Laws Amendment (Major Bank Levy) Bill 2017, which was introduced into the House of Representatives on 30 May 2017 and since completed its passage through Parliament, proposes to implement the 2017-18 Federal Budget announcement to impose with effect from 1 July 2017 a new bank levy on certain authorised deposit-taking institutions (ADIs) with total liabilities of greater than AUD100 billion.
· Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017, introduced into the House of Representatives on 1 June 2017 and subsequently enacted, modifies the foreign resident capital gains withholding regime to increase the withholding rate from 10 per cent to 12.5 per cent and reduce the withholding threshold for real property from AUD2 million to AUD750 000.
· Treasury Laws Amendment (GST Integrity) Bill 2017, which was introduced into the House of Representatives on 1 June 2017 and since completed its passage through Parliament, proposes to amend the A New Tax System (Goods and Services Tax) Act 1999 (Cth) to introduce integrity measures in relation to the goods and service tax treatment of precious metals.
· Excise Tariff Amendment (Tobacco Duty Harmonisation) Bill 2017 and Customs Tariff Amendment (Tobacco Duty Harmonisation) Bill 2017, which was introduced into the House of Representatives on 1 June 2017, proposes to amend the Excise Tariff Act 1921 and Customs Tariff Act 1995 (Cth) to harmonise the rates of excise and excise-equivalent customs duty applying to different tobacco products.
· Commercial Broadcasting (Tax) Bill 2017, which was introduced into the House of Representatives on 15 June 2017, proposes to impose a new tax to apply from 1 July 2017 to certain transmitter licences that are associated with commercial broadcasting.
· Customs Tariff Amendment (Incorporation of Proposal and Other Measures) Bill 2017, which was introduced into the House of Representatives on 21 June 2017, proposes to make a number of amendments to the Customs Tariff Act 1995 (Cth).
· Treasury Laws Amendment (2017 Measures No 4) Bill 2017, which was introduced into the House of Representatives on 22 June 2017, proposes to make amendments to the Wine Equalisation Tax (WET) producer rebate, and provide income tax relief for transfers within a fund to a MySuper product.
Other legislative instruments or regulations since our last TaxTalk publication include:
· Income Tax Assessment (1936 Act) Amendment (Defence Force Eligible Duty) Regulations 2017 amended the Income Tax (1936 Act) Regulation 2015 to update the list of defence force operations that are ‘eligible duty’, so members of the Australian Defence Force serving in certain operations overseas may receive their remuneration exempt from income tax.
· Taxation Administration Act Withholding Schedules 2017 makes the schedules for withholding amounts under the pay as you go (PAYG) system from 1 July 2017, specifying the amount, formulas and procedures to be used for working out the amount required to be withheld by an entity.
· Customs Tariff Amendment Regulations 2017 amends Customs Tariff Regulations 2004 to ensure that the preferential rates of duty that are available to certain countries and places are maintained, and to make other related amendments including the removal of redundant provisions.
· Classes of Electronic Payment System Transactions Exempt From Being Reported in Third Party Reports Determination 2017 and Classes of Electronic Payment System Transactions Exempt In Certain Years From Being Reported In Third Party Reports Determination 2017 exempts administrators of a payment system (within the meaning of the Payment Systems (Regulation) Act 1998) from having to include specified classes of transactions in reports prepared and lodged in relation to Item 9 in the table in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 relevant to certain transactions involving electronic payments and for certain years.