The Government on Wed 22.10.2014, introduced legislation to repeal nearly 1,000 unnecessary pieces of legislation and regulations and 7,210 pages of legislation and regulation. With today’s Spring Repeal Day, the PM said the repeal measures will save individuals, businesses and the not-for-profit sector over $2.1bn in compliance costs.
The Bills introduced on Wed 22.10.2014 to do this are:
- Omnibus Repeal Day (Spring 2014) Bill 2014 – Acts to be repealed include the Termination Payments Tax (Assessment and Collection) Act 1997, Termination Payments Tax Imposition Act 1997, Customs (Tariff Concession System Validations) Act 1999, while Acts to be amended include the ITAA 1936 (eg re the definition of rebatable benefit in s 160AAA(1)(d) consequential to the removal of the mature age allowance and the Northern Territory CDEP transition payment), ITAA 1997 (eg re s 11-15 and table item headed “social security or like payments”). The Bill will also repeal redundant provisions related to various “spent social security payments”. They include the: various one-off payments to the aged, older Australians and carers; economic security strategy payments; training and learning bonus; farmers hardship bonus.
- Amending Acts 1970 to 1979 Repeal Bill 2014 – proposes to repeal over 650 Acts including the Income Tax Assessment Act 1970 (concerns tax and convertible notes – Act No 87 of 1970), Income Tax Assessment Act 1971 (Act No 6 of 1971 – concerns amendments to s 62AA of the Income Tax Assessment Act 1936-1970), Estate Duty Assessment Act 1970, Sales Tax Act (Nos 1 to 9) 1970, Sales Tax (Exemptions and Classifications) Act 1970, Diesel Fuel Tax Act (No 1) 1970, Diesel Fuel Tax Act (No 2) 1970.
[LTN 204, 22/10/14]
Legislation Repeal Bills pass House of Representatives
The following Bills passed the House of Reps on Wed 29.10.2014, without amendment.
[LTN 210, 30/10/14]