On 31 August 2021, the Environment and Communications Legislation Committee handed down its report on the Treasury Laws Amendment (2021 Measures No 5) Bill 2021, which would reform reforms to the Australian Screen Production Incentive; and consequential matters arising from the corporate insolvency reforms. As you read this, it may seem ‘arid’ but it has inflamed and…
Australia’s film and TV industry is working to fight moves to cut access to a key post-production tax rebate, warning Coalition plans to double the spending threshold for eligibility will send important work overseas. This is under relative obscurity legislation that appears ‘arid’ (see related TT article). However, it has galvanised this industry, as the…
On 25 Sept 2021, the Commonwealth and Queensland Governments issued a joint media release stating that an allocation from the State and Federal Governments $600m support package worth $70m will be targeted at Queensland’s tourism industry. Specifically, $30m will be allocated to support Queensland’s iconic tourism attractions and $40m will be used to provide a second round…
On 24 September 2021, Treasury has released exposure draft legislation proposing a second round of miscellaneous and technical amendments to Treasury portfolio laws, covering income tax, superannuation, corporations, foreign takeovers and consumer credit laws. Although the intent of the Exposure Draft – Treasury Laws Amendment (Measures for Consultation) Bill 2021: Miscellaneous and Technical Amendments (No 2) is to make…
On Mon 27.9.2021 Treasury released the Exposure Draft – Treasury Laws Amendment (Measures for a later sitting) Bill 2021: Retirement income covenant. The Draft Bill will insert a new covenant in the SIS Act to require trustees of a registrable superannuation entity (RSE) to develop a retirement income strategy for beneficiaries who are retired or…