On 18 June 2012, the Senate passed Tax Laws Amendment (2012 Measures No 3) Bill 2012 without amendment.
The Bill is part of a package of three bills in relation to the Seasonal Labour Mobility Program and other taxation matters.
The Bill amends:
- ITAA1936, ITAA 1997, Income Tax (Transitional Provisions) Act 1997and Taxation Administration Act 1953to apply a new final withholding tax to income derived by non-resident workers participating in the Seasonal Labour Mobility Program;
- Excise Act 1901and Excise Tariff Act 1921to specify the circumstances where blending the same types of gaseous fuels or the same types of aviation fuels, which have been taxed at different rates, are not treated as excise manufacture and are therefore subject to additional duty;
- ITAA 1936to retrospectively clarify that trust beneficiaries who are minors cannot receive the low income tax offset for unearned income earned through trust distributions; and
- ITAA 1997to provide income tax exemptions for clean energy payments made to recipients of payments made under certain schemes, and make the employment termination payment tax offset dependent on an individual's total taxable income.
The Bill now awaits Royal Assent.