On 10 February 2015, Treasury Legislation Amendment (Repeal Day) Bill 2014 was passed by the Senate without amendment.
The Bill amends:
- the Superannuation Industry (Supervision) Act 1993 to remove the payslip reporting requirements;
- 16 Acts to consolidate and repeal tax provisions;
- the Financial Sector (Shareholdings) Act 1998 to remove the deemed shareholding applied to an associate where the associate has no direct control interest in the company; and
- 12 Acts to define ‘Australia’ for income tax purposes.
The Bill now awaits Royal Assent.
For a joint media release issued 11 February 2015 by the Assistant Treasurer, Josh Frydenberg and the Parliamentary Secretary to the Prime Minister, Christian Porter, go here