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20 Sep 12 2012 Measures No 5 Bill introduced

On 19 September 2012, Tax Laws Amendment (2012 Measures No 5) Bill 2012 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum:

SCHEDULE 1 to the Bill amends the definition of ‘eligible no-till seeder’ in s 385-235 of ITAA 1997 to ensure that an eligible no-till seeder can comprise just the tool, or the combination of the cart and the tool.

This measure applies to an eligible no-till seeder which the taxpayer starts to use or has installed ready for use to carry on a primary production business between 1 July 2012 and 30 June 2015. The refundable tax offset is claimable in the taxpayer’s income tax return for the 2012-13, 2013-14 or 2014-15 income years. This is consistent with the existing conservation tillage refundable tax offset provisions.

SCHEDULE 2 to the Bill amends ITAA 1997 to phase out the mature age worker tax offset from 1 July 2012 for taxpayers born on or after 1 July 1957. The measure was announced on 8 May 2012 to take effect on 1 July 2012.

SCHEDULES 3 and 4 to the Bill make amendments to the Excise Act 1901 and the Excise Tariff Act 1921.

SCHEDULE 5 to the Bill amends ITAA 1997 to update the list of deductible gift recipients (DGRs) by adding one entity - The Diamond Jubilee Trust Australia - as a DGR.

SCHEDULE 6 to the Bill amends the A New Tax System (Wine Equalisation Tax) Act 1999.


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