12 Dec 13 Tax Bonus for Working Australians Repeal Bill 2013
On 12 December 2013, Tax Bonus for Working Australians Repeal Bill 2013 was introduced into the House of Representatives.
According to the Explanatory Memorandum, the Bill repeals the Tax Bonus for Working Australians Act (No 2) 2009 ("Tax Bonus Act") to ensure that the Commissioner does not make any further tax bonus payments.
However, the Commissioner will retain the power to undertake compliance action with respect to past claims and, where necessary, undertake recovery action in respect of overpayments.
The Bill also amends the Taxation Administration Act 1953, the Income Tax Assessment Act 1997, the Social Security Act 1991 and the Veterans’ Entitlements Act 1986 to remove cross references to the Tax Bonus Act.
Under the current law, the Commissioner must continue to honour all tax bonus entitlements by reissuing lost or stale cheques and by making new payments as a result of an entitlement for which the Commissioner has only recently become aware because of a request for an amended assessment of income tax.
Notwithstanding the repeal of the Tax Bonus Act, taxpayers may still deposit valid tax bonus cheques (that are not stale) where the cheque was issued by the Commissioner before Royal Assent of the Bill.
The repeal of the Tax Bonus Act commences on the day after Royal Assent.