The Treasury Laws Amendment (2021 Measures No 5) Bill 2021 has been passed by the Senate on Wed 1.12.2021.
The Bill was introduced on 24 June 2021 and includes:
- reforms to the Australian Screen Production Incentive (“ASPI”); and
- consequential matters arising from the corporate insolvency reforms. It also makes what the EM describes as a “number of miscellaneous and technical amendments to various laws in the Treasury portfolio” (including superannuation related changes such as recovery of overpayments of inactive low-balance accounts, fee refunds not being included as a concessional contribution and consequential amendments to the Kiwi Saver scheme).
It was passed by the House of Representatives without amendment – but the Senate included some minor changes relating to ASPI and copyright expenditure.
- The copyright cap will be set at 50% for documentaries for 2 years from 1 July 2021, rather than 30% as originally proposed.
- This cap will then revert to the general 30% copyright cap thereafter.
The Bill will have to return to the House for sign off, as the amendments passed also included some put forward by the Opposition.
[LTN 232, 2/12/21]
[Tax Month – November 2021 – Previous 2021] 2.12.21