TD 2017/1: Income tax: capital gains: can intangible capital improvements made to a pre-CGT asset be a separate asset for the purpose of subsections 108-70(2) or (3) of the Income Tax Assessment Act 1997 (ITAA 1997)?

CR 2017/5: Income tax: IMB Ltd - Off-market share buy-back CR 2017/6: Income tax: Insurance Australia Group Limited - issue of IAG Capital Notes

Progress of legislation

As at 27.1.17

Parliament will resume sitting next Tuesday 7 February

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced Senate 23.11.16. Awaiting passage by Senate.

Bill

Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016

Description

Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects.

Status

Introduced in the House 14.09.16.

Bill

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Description

Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business. Increases turnover thresholds.

Status

Introduced in the House 1.9.16.