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12 Nov 2020 Legislation

Treasury Laws Amendment (2020 Measures No 5) Bill 2020

Introduced in the House of Representatives on Wednesday 11 November 2020. Proposes to give effect to the following measures by amending the ITAA 1997 to:

  • Make certain State and Territory small business grants for the impacts of COVID-19 tax-free; 
  • Facilitate the payment of lost and unclaimed superannuation money held by the ATO directly to New Zealand KiwiSaver schemes; and
  • Grant DGR status to Neighbourhood Watch Australasia. 

Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 

Passed by the Senate on Tuesday 10 November 2020 with 2 amendments, the Bill proposes to set up provisions to help facilitate the JobMaker Hiring Credit scheme, enabling an entity to receive up to $200 per week for each eligible additional employee aged 16-29 years (up to $100 per week for those aged 30-35).

The House of Reps on Wednesday 11 November 2020 disagreed to those Senate amendments. On 11 November 2020, the Senate did not insist on its amendments so the Bill has passed both Houses and awaits Royal Assent.

Social Services and Other Legislation Amendment Coronavirus and Other Measures Bill 2020

Awaits Royal Assent having passed all stages on Wednesday 11 November 2020 without amendment. The Bill implements the 2020–21 Budget measure to pay two $250 economic support payments for eligible income support recipients and concession card holders.

Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 

The Senate Economic Legislation Committee tabled its report on the Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 and recommended the bill be passed. 

The Bill sets up the positions to facilitate the JobMaker Hiring Credit scheme which operates from 7 October 2020 to 6 October 2022. It will apply to those who commenced employment between 7 October 2020 to 6 October 2021. 

The JobMaker Hiring Credit will be available to employers for each new job they create over the next 12 months from 7 October 2020 for which they hire an eligible young jobseeker. This will help young people access job opportunities and rebuild their connection to the labour force as the economy recovers from the effects of the coronavirus. This payment is a key part of the government's plan to assist the economic recovery from the coronavirus pandemic. 

Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Bill 2020

Passed by the House of Representatives on Monday 9 November 2020. There were two government amendments, one focused on transitional arrangements for previous WA Family Court orders and financial agreements. 

Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020

The Senate has tabled its report into the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 and recommended that it be passed. 

This Bill, introduced 2 September 2020, amends the SIS Act, Corporations Act, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act 1999 to increase the maximum number of allowable members in SMSFs from four to six. This Bill also amends provisions that relate to SMSFs and small APRA funds. These amendments ensure continued alignment with the increased maximum number of members for SMSFs.

Social Services and Other Legislation Amendment Coronavirus and Other Measures Bill 2020

Awaits Royal Assent having passed all stages on Wednesday 11 November 2020 without amendment. The Bill:

  • Implements the 2020–21 Budget measure to pay two $250 economic support payments for eligible income support recipients and concession card holders;
  • Amends the social security legislation to temporarily amend the circumstances in which a person may be regarded as independent for Youth Allowance purposes;
  • Introduces a revised Paid Parental Leave work test to acknowledge the impact of COVID-19; and 
  • Improves assistance for families affected by stillbirth and infant death in respect of payments for newborn children.

R&D Guide Updated

On 4 November 2020, the Federal Government released a refreshed R&D tax incentive guide. 

The guidance follows the Government’s investment of a further $2 billion into the incentive, which provides a tax offset to support Australian companies to undertake additional research and development activities.

The refreshed Guide to Interpretation offers straightforward and accessible advice for companies accessing the R&D tax incentive, making it easier to find the information they need.

For more information click here

Specified BAS services and superannuation guarantee: Instrument registered

On 5 November 2020, the Tax Agent Services Instrument 2020 was registered allowing BAS agents to provide certain services that have previously been restricted to registered tax agents. 

The instrument also repeals the former Tax Agent Services (Specified BAS Services) Instrument 2016.

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