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On 6 June 2013, Tax Laws Amendment (2013 Measures No 2) Bill 2013 was passed by the House of Representatives with Government amendments.

As originally drafted, the Bill amends:

  • Taxation Administration Act 1953 to require certain large entities to pay Pay As You Go instalments monthly rather than quarterly or annually; require the Commissioner to publish limited information about the tax affairs of large corporate taxpayers; enable the publication of periodic aggregate tax collection information; and enable information sharing between government agencies in relation to foreign acquisitions and investment decisions affecting Australia;
  • ITAA 1936, ITAA 1997and Income Tax (Transitional Provisions) Act 1997 to provide a tax incentive for entities that carry on a nationally significant infrastructure project that has been designated by the Infrastructure Coordinator;
  • Tax Agent Services Act 2009 to include 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 (but now see below);
  • Petroleum Resource Rent Tax Assessment Act 1987 to address unintended impacts arising from the Federal Court’s decision in Esso Australia Resources Pty Ltd v FCT [2012] FCAFC 5;
  • ITAA 1997 to remove the capital gains tax discount on discount capital gains accrued after 8 May 2012 by foreign and temporary resident individuals; and exempt from income tax, payments made under the Defence Abuse Reparation Scheme;
  • the A New Tax System (Goods and Services Tax) Act 1999 to ensure that certain National Disability Insurance Scheme funded supports are GST-free;
  • ITAA 1997, Tax Laws Amendment (2011 Measures No 2) Act 2011 and proposed Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2013 in relation to deductible gift recipients;
  • ITAA 1936, ITAA 1997 and Infrastructure Australia Act 2008 to make consequential amendments; and
  • eight Acts to make technical amendments.

The Assistant Treasurer tabled two Supplementary Explanatory Memoranda.

According to the first Supplementary Explanatory Memorandum, 2 of the amendments  add an additional entity to the list of specifically listed deductible gift recipients.

According to the second Supplementary Explanatory Memorandum, the other 4 amendments omit Schedule 3 (Creating a regulatory framework for tax (financial) advice services), Schedule 4 (Other amendments to the Tax Agent Services Act 2009) and related provisions from the Bill. These provisions relate to the regulation of financial advisers who provide tax advice.

In media release No 2013/103, issued 6 June 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, blamed the Opposition for the removal from the Bill of the provisions which would have regulated financial advisers who provide tax advice, and said:

"The Government will allow further time for the Parliament to consider the legislation and I call on the Coalition to support these important consumer protection measures."

The Bill, as amended, now proceeds to the Senate.


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