The in the House of Reps on Wed 19.9.2012. It contains the following amendments:
- amends the ITAA 1997 to phase out the mature age worker tax offset from 1 July 2012 for taxpayers born on or after 1 July 1957. DATE OF EFFECT: 1 July 2012;
- amends the definition of “eligible no-till seeder” in s 385-235 of the ITAA 1997 to ensure that an eligible no-till seeder can comprise just the tool, or the combination of the cart and the tool. This concerns claims for the conservation tillage refundable tax offset. DATE OF EFFECT: applies to an eligible no-till seeder which the taxpayer starts to use or has installed ready for use to carry on a primary production business between 1 July 2012 and 30 June 2015;
- amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) by adding The Diamond Jubilee Trust Australia as a DGR. DATE OF EFFECT: applies to gifts made after 31 October 2012 and before 1 July 2015;
- amends the Excise Act 1901 and the Excise Tariff Act 1921 concerning the compliance regime for LPG, liquefied natural gas (LNG) and compressed natural gas (CNG). It amends the Excise Act to clarify when the Commissioner may, by legislative instrument, specify circumstances when the creation of certain fuel blends is not considered to be excise manufacture. DATE OF EFFECT: The amendments to the Excise Act apply in relation to gaseous fuels sold or supplied after the date of Royal Assent;
- amends the A New Tax System (Wine Equalisation Tax) Act 1999 to ensure that a wine producer will not be entitled to the wine equalisation tax producer rebate on other wine they use in manufacture, except where the producer of the other wine (or supplier) notifies the subsequent producer. DATE OF EFFECT: The WET producer rebate amendments apply to assessable dealings on or after 1 December 2012 or the day on which the Bill receives Royal Assent, whichever is later.
[LTN 182, 19/9]