The following Bills received Royal Assent on 10 December 2012:
- Tax Laws Amendment (2012 Measures No 5) Bill 2012 – as Act No 184 of 2012. The Bill passed all stages with 3 Government amendments. The Bill contains a range of miscellaneous amendments including phasing-out of the mature age worker tax offset; changing eligibility requirements to the conservation tillage refundable tax offset; and making wine equalisation tax rebate amendments. The 3 Government amendments omitted Schedules 3 and 4 of the Bill which concerned a compliance regime for gaseous fuels and specific fuel blending excise exemptions;
- Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 – as Act No 185 of 2012. The Bill passed all stages with 1 Government amendment. The Bill implements a final withholding tax rate of 10% on fund payments from eligible Clean Building Managed Investment Trusts (MITs) made to foreign residents in information exchange countries;
- Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 – as Act No 181 of 2012. The Bill passed all stages without amendment and establishes a trans-Tasman superannuation portability scheme to permit the transfer of retirement savings between certain Australian super funds and New Zealand KiwiSaver schemes from 1 July 2013;
- Personal Liability for Corporate Fault Reform Bill 2012 – as Act No 180 of 2012. The Bill passed all stages without amendment and implements the Council of Australian Governments’ (COAG) Directors’ Liability reform, which aims to harmonise the imposition of personal criminal liability for corporate fault across Australian jurisdictions.
[LTN 240, 11/12]