The Tax Laws Amendment (2014 Measures No 1) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It contains the following amendments:
- GST excess refunds – the Bill proposes to amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. The amendments would allow taxpayers to determine their entitlement to a refund of excess GST rather than having to rely on the Commissioner exercising a discretion to refund an overpaid amount of GST. DATE OF EFFECT: The amendments are proposed to apply generally in working out the net amount for a tax period starting on or after the day following Royal Assent of the Bill.
- Farm Management Deposit Scheme improvements – the Bill proposes to amend the ITAA 1997 and the Banking Act 1959 to improve the operation of the Farm Management Deposit (FMD) Scheme by: allowing taxpayers to consolidate multiple FMDs that they might hold with different providers; raising the non-primary production income threshold; and limiting the rules in the Banking Act for unclaimed moneys to prevent them applying to FMDs. DATE OF EFFECT: It is proposed that the increase in the non-primary income threshold and the changes to allow taxpayer to consolidate FMDs will apply to income years commencing on or after 1 July 2014.
[LTN 59, 27/3/14]