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On 24 May 2012, Tax Laws Amendment (2012 Measures No 3) Bill 2012 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill creates a new final withholding tax regime that applies to income derived by non-resident workers participating in the Seasonal Labour Mobility Program (Program).

The formal imposition of income tax, and the establishment of the applicable rate of tax, is provided for by means of the Income Tax (Seasonal Labour Mobility Program Withholding Tax) Bill 2012, which was also introduced into the House of Representatives on 24 May 2012.

Date of effect: This measure will apply with effect from 1 July 2012.

SCHEDULE 2 to the Bill amends the Excise Act 1901 so that blends of the same types of gaseous fuels or the same types of aviation fuels, where each amount of the gaseous fuel or each amount of the aviation fuel has been taxed at a different rate as a result of time-related excise phase-in arrangements or time-related carbon price changes, are not treated as excise manufacture and therefore subject to additional duty.

The amendments will apply from 1 July 2012.

SCHEDULE 3 to the Bill amends the ITAA 1936 to ensure that where a trustee is assessed on the income of a minor, the trustee will not have access to the low income tax offset in circumstances where the income is considered to be unearned income of that minor.

This measure applies to assessments for the 2011-12 income year and later income years. The EM states that the retrospective application date is appropriate because the Government’s announcement of the measure in the 2011-12 Budget made it clear that the new arrangements would apply to all unearned income derived by minors, including through trusts.

SCHEDULE 4 to the Bill amends the ITAA 1997 to exempt clean energy payments made to recipients of payments under the ABSTUDY scheme, Veterans’ Children Education Scheme, Military Rehabilitation and Compensation Act Education and Training Scheme, the transitional family farm payment and exceptional circumstances relief payment.

This measure applies to assessments for the 2011-12 income year and later income years.

SCHEDULE 5 to the Bill amends the ITAA Act 1997 so that access to the employment termination payment (ETP) tax offset and the amount of offset received takes into account an individual’s taxable ETP as well as any other taxable income in the year they receive the ETP.

From 1 July 2012, any taxable component of an ETP that takes a person’s total taxable income in a year above $180,000 will be taxed at marginal rates.

Date of effect: 1 July 2012.


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