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25 Sep 14 2014 Measures No 4 Bill passed by House

On 24 September 2014, Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill 2014 was passed by the House of Representatives without amendment.

The Bill amends:

  • ITAA 1997 to amend the statutory debt limits for the thin capitalisation rules; increase the de minimis threshold for thin capitalisation limits; provide for a new gearing debt test for inbound investors; prevent the double counting of certain non-taxable Australian real property assets that can distort the application of the Principal Asset Test; and clarify the meaning of ‘permanent establishment’;
  • ITAA 1936 and ITAA 1997 to make non-portfolio returns on equity to Australian resident companies exempt of Australian income tax;
  • ITAA 1997 and Taxation Administration Act 1953 to require taxpayers to be issued with an annual tax receipt for the income tax assessed to them; and
  • 15 Acts to make style changes, repeal redundant provisions, correct anomalous outcomes and make technical corrections.

For further details, see the Explanatory Memorandum.

The Bill now proceeds to the Senate.


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