20 Sep 1212 2012 Measures No 4 Bill awaits Royal Assent
On 19 September 2012, Tax Laws Amendment (2012 Measures No 4) Bill 2012 was passed by the Senate without amendment.
The Bill amends:
- Fringe Benefits Tax Assessment Act 1986 to limit the concessional tax treatment of living-away-from-home allowances and benefits;
- A New Tax System (Goods and Services Tax) Act 1999 to clarify the goods and services tax consequences when a representative of an incapacitated entity is a creditor of that entity; and
- Tax Laws Amendment (2012 Measures No 2) Act 2012 in relation to consolidation events so that no interest is payable if an overpayment of income tax arises because of a deduction under the pre-rules and no shortfall interest or administrative penalty is payable if additional tax becomes payable under the pre-rules or interim rules.
In media release No 2012/106 issued 19 September 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the changes to the taxation of living-away-from-home allowances.
The Bill now awaits Royal Assent.