The following Bills received Royal Assent on 29 June 2013:
- Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 as Act No 101 of 2013. Contains amendments to Pt IVA of the ITAA 1936 to ensure its effective operation as the income tax general anti-avoidance provision. Also contains significant tranche 2 amendments affecting Australia’s transfer pricing laws.
- Tax Laws Amendment (2013 Measures No 1) Bill 2013 as Act No 119 of 2013. Contains amendments concerning: CGT scrip-for-scrip rollover; tax exemption for ex-gratia payments for natural disasters; new DGR category.
- Tax Laws Amendment (2013 Measures No 2) Bill 2013 as Act No 124 of 2013. Contains amendments concerning: monthly PAYG instalments for large taxpayers; public release of tax info of large taxpayers; removing CGT discount for foreign individuals; tax loss incentive for infrastructure projects; regulatory framework for financial planners [subsequently deleted from the Bill and re-introduced in the Tax Laws Amendment Bill (No 3) Bill, but with a 12-month deferral of their state date]; indexation of super thresholds; GST-free treatment of NDIS funded supports; update DGR list; tax exemption for payments under Defence Abuse Reparation Scheme; PRRT amendments; misc amendments.
- Tax Laws Amendment (2013 Measures No 3) Bill 2013 as Act No 120 of 2013. Contains amendments concerning: bringing financial planners within the tax agent services regime [that were deleted from Tax Bill No 2] with effect from 1 July 2014; update DGR list.
- Charities Bill 2013 as Act No 100 of 2013. This Act, together with the Charities (Consequential Amendments and Transitional Provisions) Bill 2013 (received Royal Assent as Act No 96 of 2013), introduce a statutory definition of “charity” and “charitable purpose” that applies to all Commonwealth legislation from 1 January 2014.
- Superannuation (Excess Concessional Contributions Charge) Bill 2013 as Act No 116 of 2013 and Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 as Act No 118 of 2013. Broadly, the Bills amend the ITAA 1997 and the Taxation Administration Act 1953 to establish a new excess concessional contributions tax system from 1 July 2013 that the Government believes is fairer for individuals who exceed their annual concessional cap.
- Private Health Insurance Amendment (Lifetime Health Cover Loading and Other Measures) Bill 2013 as Act No 105 of 2013. Amends the Private Health Insurance Act 2007 and makes minor consequential amendments to the ITAA 1936, ITAA 1997 and the Taxation Administration Act 1953.
- Private Health Insurance Legislation Amendment (Base Premium) Bill 2013 as Act No 106 of 2013. Implements the Government’s 2012-13 MYEFO announcement that from 1 April 2014, the premium to which the Private Health Insurance Rebate is applied will move in line with CPI or the commercial premium increase, whichever is lower.
The International Organisations (Privileges and Immunities) Amendment Bill 2013 received Royal Assent on 1 July 2013 as Act No 127 of 2013.
[LTN 125, 2/7/13]