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14 Feb 2019 Bills awaiting Royal Assent

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017: To amend the: 

  • Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to supplement the ‘same business test’ with a ‘similar business test’ for the purposes of working out whether a company’s tax losses and net capital losses from previous income years can be used as a tax deduction in a current income year; and make consequential amendments; and
  • Income Tax Assessment Act 1997 to provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets they start to hold on or after 1 July 2016. 

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018: To amend: 

  • taxation legislation to enable the Commissioner of Taxation to issue directions to employers to pay unpaid superannuation guarantee and undertake superannuation guarantee education courses, and to disclose more information about superannuation guarantee non-compliance to affected employees;
  • extend Single Touch Payroll reporting to all employers;
  • require more regular reporting by superannuation funds;
  • strengthen the commissioner’s ability to collect superannuation guarantee charge and pay as you go withholding liabilities;
  • enable the pre-filling of an individual’s tax file number declaration and superannuation standard choice force form by the commissioner to the individual’s employer; and enable the sharing and verification of tax file numbers between the commissioner and Commonwealth agencies; etc.
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