The Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 was passed by the Senate [on Mon 2.3.2015] with 4 Opposition amendments and the House of Reps [on Tue 3.3.2015] agreed to those amendments. The Bill now effectively awaits Royal Assent.

The amendments made by the Senate included:

  • removing Sch 2 to the Bill, which had proposed abolition of the seafarer tax offset; and
  • removing Sch 3 to the Bill, which had proposed to amend the ITAA 1997 to reduce the rates of the tax offset available under the R&D tax incentive by 1.5 percentage points. The higher (refundable) rate of the tax offset was to be reduced from 45% to 43.5% and the lower (non-refundable) rate of the tax offset was to be reduced from 40% to 38.5%.

The changes were proposed to apply to income years starting on or after 1 July 2014.

[LTN 38, 26/2/15] [IT 3/3/15]

Royal Assent

Royal Assent was given, on 19 March 2015 so that the Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 became Tax and Superannuation Laws Amendment (2014 Measures No 5) Act 2015, Act No 20 of 2015

[LTN 55, 23/3/15] [IT 23/3/15]