On 22 October 2014, Treasury Legislation Amendment (Repeal Day) Bill 2014 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum to the Bill.
SCHEDULE 1 to the Bill amends the Superannuation Industry (Supervision) Act 1993 to repeal the payslip reporting provisions. This measure commences on the day the Bill receives Royal Assent.
SCHEDULE 2 to the Bill simplifies the taxation laws by:
- consolidating duplicated taxation administration provisions contained in various taxation Acts into a single set of provisions in Schedule 1 to the Taxation Administration Act 1953 ("TAA 1953");
- repealing spent or redundant taxation laws; and
- moving longstanding regulations into the primary law.
These amendments generally apply from Royal Assent. However, the repeal of the duplicated taxation administration provisions and the transfer of certain regulations to the primary law are delayed till 1 July 2015 to give the Commissioner of Taxation time to make any necessary changes to administrative systems.
Specifically, Schedule 2 amends:
- Schedule 1 to the TAA 1953 to consolidate and centrally locate the rules around the Commissioner’s power to obtain information under Division 353 in Schedule 1 so that the rules now cover all the taxation laws, not just a number of specified tax regimes with duplicated rules covering the other tax regimes.
- Schedule 1 to the TAA 1953 to consolidate and centrally locate the rules around how documents issued by the Commissioner or by taxpayers are to be treated as evidence in judicial proceedings contained in Division 350 in Schedule 1 so that the rules now cover all taxation laws, not just a number of specified tax regimes with duplicated rules covering the other tax regimes.
Schedule 2 to the Bill also repeals the following spent or redundant provisions:
- Part VIII of the Fringe Benefits Tax Assessment Act 1986;
- Part IX of the Petroleum Resource Rent Tax Assessment Act 1987; and
- Sections 23AC, 82N and 202DA of the ITAA 1936.
Finally, Schedule 2 to the Bill moves longstanding regulations into the primary law dealing with convertible notes, interest withholding tax and publicly offered debentures, annual investment income reports and tax file number reports, tax file numbers and indirectly held investments.
SCHEDULE 4 to the Bill rewrites provisions from the ITAA 1936 into the ITAA 1997 and the TAA 1953. The rewritten provisions define ‘Australia’ for income tax purposes. The income tax concept applies across other taxes, with amendments as required in order to retain intended policy differences. This rewrite applies to tax periods or quarters commencing on or after 1 July 2015.