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06 Dec 2018 Bills before the Senate

Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017: 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. 

Lower Tax Bill 2018: The Lower Tax Bill 2018 proposes to nearly halve annual Commonwealth Government taxation by abolishing various taxes and reducing the rates of other taxes. 

Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018: This Bill implements certain recommendations of the ASIC Enforcement Review Taskforce by amending the Corporations Act 2001, Australian Securities and Investments Commission Act 2001, National Consumer Credit Protection Act 2009 and Insurance Contracts Act 1984 to: introduce a stronger penalty framework for corporate and financial sector misconduct; and make miscellaneous technical and consequential amendments. 

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

Treasury Laws Amendment (2018 Measures No. 5) Bill 2018: Amends five Acts to make technical amendments to the income tax law in relation to attribution managed investment trusts (AMITs) and managed investment trust (MITs), including modifications to the AMIT primary and transitional rules, and MIT and AMIT capital gains tax and withholding tax rules, etc. 

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017: Amends 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.

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