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15 Oct 2020 Legislation

Taxation Administration Act Withholding Schedules No 2. 2020 

Registered on 12 October 2020, the instrument repeals and replaces the former Taxation Administration Act Withholding Schedules 2020. The withholding schedules applies to withholding payments covered by Subdivisions 12-B (except sections 12-50 and 12-55), and 12-D of Schedule 1 to the TAA. 

These withholding schedules have been updated responding to the alterations to tax scales that are in the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020

Exposure draft: requiring DGRs to register as charity, 13 October 2020

The Treasury is seeking submissions on the draft bill and explanatory memorandum for the reform to require non-Government Item 1 DGRs to register as charities. This reform is one element of a package of reforms in the Government’s 2017-18 Mid-Year Economic and Fiscal Outlook measure, Deductible gift recipient reform — strengthening governance and integrity and reducing complexity (DGR reforms).

Responses can be submitted to this consultation up until 4 December 2020. 

Read more here

Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 

The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020, set to pave the way for the JobMaker Hiring Credit Scheme has been referred to the Senate Economics Legislation for inquiry and report by 6 November 2020. 

The scheme was announced during the Federal Budget 2020– 21 and will operate until 6 October 2022. 

Read more here

Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Amendment Rules 2020 

On 9 October 2020, the ATO registered the Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Amendment Rules 2020. This adds an alternative decline in the turnover test applying to entities that temporarily stopped trading for some/all of the comparative period. 

Read more here. 

Treasury Laws Amendment (A Tax Plan For The COVID-19 Economic Recovery) Bill 2020

The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 received Royal Assent on 14 October as Act No. 92 of 2020 after its passage through Parliament on 9 October 2020. 

The measures in the Bill include those relating to personal income tax, increasing the small business entity turnover threshold and temporary loss carry back. 

Welcoming the passage of the legislation, the Treasurer said tax cuts for 11 million people will flow "in the coming weeks". Mr Frydenberg said the ATO would update its schedules the following week (Editor's note: these updated tables are available here) with software payroll companies to update over the coming weeks, to get more money into people's pockets as quickly as possible.

The Bill brings forward to 1 July 2020 the personal tax cuts (Stage 2). From 1 July 2020, the top threshold of the 19% personal income tax bracket will increase from $37,000 to $45,000. The top threshold of the 32.5% tax bracket will increase from $90,000 to $120,000. The Bill will also bring forward to 2020-21 the increase in the low income tax offset (up to $700). The low and middle income tax offset (up to $1,080) will be retained for 2020-21.

The Bill also expands a range of tax concessions currently available to small businesses (turnover less than $10 million) to be made available to medium sized businesses ($10 million and less than $50 million). Businesses with turnover less than $5 billion will be able to deduct the full cost of eligible depreciating assets that are installed ready for use between 6 October 2020 and 30 June 2022. The Bill also reforms the R&D Tax Incentive.

Read more here.

Exposure Draft - Corporations Amendment (Corporate Insolvency Reforms) Bill 2020

Treasury has released exposure draft legislation to implement the insolvency reforms for small businesses looking to restructure in response to COVID-19. 

The measures will commence on 1 January 2021, subject to the passing of the legislation. Submissions closed 12 October 2020.

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