14 May 09 2009 Measures No 3 Bill introduced
On 14 May 2009, Tax Laws Amendment (2009 Measures No 3) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.
SCHEDULE 1 to the Bill amends s 45-405 of Schedule 1 to the Taxation Administration Act 1953 to set the GDP adjustment (GDP refers to gross domestic product) for the 2009-10 income year at 2%. This measure applies in relation to pay as you go (PAYG) instalment amounts for the 2009-10 income year that become due on or after the date of commencement.
SCHEDULE 2 to the Bill amends Division 45 of Schedule 1 to the Taxation Administration Act 1953 to allow taxpayers who are voluntarily registered for the goods and services tax (GST) and who choose to remit GST annually to choose to make their pay as you go (PAYG) instalments annually if they satisfy the other eligibility tests for annual PAYG instalments. In some cases these taxpayers are currently prevented from making PAYG instalments annually solely due to their voluntary GST registration. The alignment of these annual obligations will reduce compliance costs for eligible taxpayers. This measure applies from the 2009-10 income year.
SCHEDULE 3 to the Bill amends the Petroleum Resource Rent Tax Assessment Act 1987.
SCHEDULE 4 to the Bill amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) to include three new organisations.
For a copy of the Bill, go here.
For a copy of the Explanatory Memorandum, go here.