On 24 September 2014, Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 was passed by the House of Representatives without amendment.
The Bill amends:
- ITAA 1997 and Taxation Administration Act 1953 to abolish the mature age worker tax offset;
- ITAA 1997 and Shipping Reform (Tax Incentives) Act 2012 to abolish the seafarer tax offset; and
- ITAA 1997 to reduce the tax offset rates available under the research and development tax incentive by1.5%; and update the list of deductible gift recipients.
For further details, see the Explanatory Memorandum.
The Bill now proceeds to the Senate.