24 Mar 15 Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill now law
On 19 March 2015 the Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 received the Royal Assent, and is Act No 20 of 2015.
As originally introduced, the Bill proposed amendments in the following areas:
- Schedule 1: Abolishing the mature age worker tax offset
- Schedule 2: Abolishing the seafarer tax offset
- Schedule 3: Rates of R&D tax offset
- Schedule 4: Deductible gift recipients.
Amendments agreed to by the Senate removed Schedules 2 and 3 from the Bill.
In relation to Schedule 3, the effect of this amendment is that the current rates of R&D tax offset, as set out in s 355-100 of the Income Tax Assessment Act 1997, will remain unchanged. Schedule 3 of the Bill originally proposed to reduce these rates by 1.5% in each case.