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12 Feb 09 2009 Measures No 1 Bill introduced

On 12 February 2009, Tax Laws Amendment (2009 Measures No 1) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends s 45-400 of Schedule 1 to the Taxation Administration Act 1953 to provide for a 20% reduction of the amount of the PAYG instalment for the quarter that includes 31 December 2008 for certain small business taxpayers; and a regulation-making power to allow the amount of the PAYG instalment worked out under the section to be reduced in the future in circumstances specified by regulations.

SCHEDULE 2 to the Bill amends various Acts as a result of the payment of temporary residents’ unclaimed superannuation to the Australian Government and to improve the administration of the broader unclaimed money regime.

SCHEDULE 3 to the Bill amends relevant legislation to give effect to measures, announced in the 2008-09 Budget, to amend income tests across the tax and transfer systems.

For a copy of the Bill, go here.

For a copy of the Explanatory Memorandum, go here.

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