On 29 May 2013, Tax Laws Amendment (2013 Measures No 2) Bill 2013 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum.
SCHEDULE 1 to the Bill amends Division 45 of Schedule 1 to the Taxation Administration Act 1953 to require certain large entities to pay Pay As You Go (PAYG) instalments monthly. The amendments apply to corporate tax entities from 1 January 2014. The amendments apply to all other entities from 1 January 2016.
SCHEDULE 2 to the Bill amends ITAA 1997 to provide a tax incentive for entities that carry on a nationally significant infrastructure project that has been designated by the Infrastructure Coordinator.
SCHEDULE 3 to the Bill amends the Tax Agent Services Act 2009 to bring entities that give tax advice in the course of giving advice that is usually provided by financial services licensees within the regulatory regime administered by the Tax Practitioners Board. This ensures the consistent regulation of all forms of tax advice, irrespective of whether it is provided by a tax agent, a BAS agent or an entity in the financial services industry.
In addition, SCHEDULE 4 to the Bill makes a number of other amendments to the Tax Agent Services Act 2009 to correct a range of technical issues.
The amendments in SCHEDULE 3 mostly commence from 1 July 2013 with a three-year transitional period before the new regime commences in full on 1 July 2016.
SCHEDULE 5 to the Bill amends the Taxation Administration Act 1953 to:
- require the Commissioner of Taxation to publish limited information about the tax affairs of large corporate taxpayers;
- allow for the publication of certain aggregate tax information irrespective of whether the publication, in conjunction with publicly available information, may be reasonably capable of being attributed to a particular taxpayer (other than a natural person); and
- allow for enhanced information sharing between Government agencies in relation to decisions under the Foreign Acquisitions and Takeovers Act 1975 and Australia‘s Foreign Investment Policy.
The amendments in SCHEDULE 5 apply to the 2013-14 income year and later income years.
SCHEDULE 6 to the Bill amends the Petroleum Resource Rent Tax Assessment Act 1987 to address the unintended impacts arising from the decision of the Full Federal Court in Esso Australia Resources Pty Ltd v Commissioner of Taxation  FCAFC 5.
SCHEDULE 7 to the Bill amends ITAA 1997 to remove the CGT discount on discount capital gains accrued after 8 May 2012 for foreign resident and temporary resident individuals.
SCHEDULE 8 to the Bill amends ITAA 1997 to exempt from income tax, payments made under the Defence Abuse Reparation Scheme.
SCHEDULE 9 to the Bill ensures that certain services and other things supplied to a participant as a part of a National Disability Insurance Scheme (NDIS) plan under the National Disability Insurance Scheme Act 2013 (NDIS Act) are GST-free.
SCHEDULE 10 to the Bill amends ITAA 1997 to update the list of specifically listed deductible gift recipients (DGRs).
SCHEDULE 11 to the Bill makes a number of miscellaneous amendments to the taxation and superannuation laws. These amendments include: clarifying the tax treatment of native title benefits distributed through charities (Part 2); ensuring the fringe benefits tax rebate operates as intended (Part 3); and updating a number of significant taxation and superannuation thresholds to reflect reporting changes made by the Australian Bureau of Statistics (Part 4).
In media release No 2013/092, issued 29 May 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the introduction of the PAYG amendments.
In media release No 2013/090, issued 29 May 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the introduction of the transparency amendments.
In media release No 2013/094, issued 29 May 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on other amendments in the Bill.