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14 Feb 2019 Bills before the House of Representatives

Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019: To amend the law to extend by 12 months to 30 June 2020 the period during which small business entities can access expanded accelerated depreciation rules (instant asset write-off); and increase the threshold below which amounts can be immediately deducted under these rules from $20,000 to $25,000 from 29 January 2019 until 30 June 2020.

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019: To amend the law relating to corporations and taxation and introduces new phoenixing offences to prohibit creditor-defeating dispositions of company property, penalise those who engage in or facilitate such dispositions, and allow liquidators and ASIC to recover such property. 

Treasury Laws Amendment (2019 Measures No. 1) Bill 2019: To amend the law relating to superannuation, taxation, corporations, financial services, consumers, competition and statistics 

Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019: To amend the law relating to petroleum resource rent tax and to reduce the uplift rates that apply to certain categories of carried-forward expenditure. 

Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018: Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the: 

  • Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30%;
  • Income Tax Assessment Act 1997 to modify the thin capitalisation rules to prevent double gearing structures;
  • Income Tax Assessment Act 1936 to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and
  • Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption. 

Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018: Amends the: 

  • Corporations Act 2001 to consolidate and broaden the existing protections and remedies for corporate and financial sector whistleblowers; 
  • Taxation Administration Act 1953 to create a whistleblower protection regime for disclosures of information by individuals regarding breaches of the tax laws or misconduct relating to an entity’s tax affairs; etc 

Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019: To amend the law relating to corporations, business names registration and consumer credit and to deal with consequential matters relating to the enactment of the Commonwealth Registers Act 2019. 

Business Names Registration (Fees) Amendment (Registries Modernisation) Bill 2019: To amend the Business Names Registration (Fees) Act 2011. 

Corporations (Fees) Amendment (Registries Modernisation) Bill 2019: To amend the Corporations (Fees) Act 2001.

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