On 21 December 2012, the Government released for comment draft legislation concerning proposed miscellaneous amendments to the taxation laws. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. They include:
- an amendment to the ITAA 1997 to bring Australian residents within the definition of “tax preferred end user” to the extent that they carry on a business at, or through, a permanent establishment in a foreign jurisdiction;
- simplifying the process for future changes to the phase-out thresholds in the Income Tax Rates Act 1986;
- updating references to a repealed provision;
- removing redundant definitions;
- removing unnecessary items, etc.
COMMENTS are due by 18 January 2013.
[LTN 1, 3/1/13]