The Australian House of Representatives has recently approved legislation which will introduce new tax requirements and incentives for businesses. The Senate will debate this legislation in the coming weeks.
Tax Laws Amendment (2013 Measures No. 2) Bill 2013 requires certain large businesses to pay Pay As You Go (PAYG) installments monthly, rather than quarterly or annually. The change will be implemented over a period of four years, and no business will pay additional taxes as a result of the legislation.
In addition, Bill 2013 introduces new tax incentives for “nationally significant” infrastructure projects; removes the capital gains tax discount accrued after May 2012 for foreign resident and temporary resident individuals; and exempts payments made under the Defence Abuse Reparation Scheme from income tax.