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.