On 30 June 2014 the following Bills, recently passed by the Commonwealth Parliament, received the Royal Assent.
Tax and Superannuation Laws Amendment (2014 Measures No 2) Act 2014 - Act No 68 of 2014
- increases the Medicare levy low-income threshold amounts for families and the dependent child-student component of the threshold from the 2013-14 financial year
- ensures outcomes are preserved in relation to tax assessments where taxpayers have self-assessed on the basis of certain announced taxation measures which have been discontinued
- limits the ability of taxpayers who obtain additional franking credits as a result of “dividend washing” to obtain a tax benefit, and
- makes technical amendments.
Tax and Superannuation Laws Amendment (2014 Measures No 3) Act 2014 - Act No 69 of 2014
This Act limits immediate deductibility of expenditure on mining rights and mining information first used for exploration.
Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014 - Act No 67 of 2014
This Act gives effect to Australia’s obligations under the Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA.