The Treasury Legislation Amendment (Repeal Day) Bill 2014 was introduced on Wed 22.10.2014, into the House of Reps. It proposes to:
- rewrite provisions from the ITAA 1936 into the ITAA 1997 and the Taxation Administration Act 1953. The rewritten provisions define “Australia” for income tax purposes. The income tax concept applies across other taxes, with amendments as required in order to retain intended policy differences. The rewritten provisions generally make no policy changes. However, they include drafting changes needed to conform to the legislative approach used in the ITAA 1997;
- consolidate duplicated taxation administration provisions contained in various taxation Acts into a single set of provisions in Sch 1 to the TAA; repeal spent or redundant taxation laws; and move longstanding regulations into the primary law;
- amend the Superannuation Industry (Supervision) Act 1993 to repeal the payslip reporting provisions.
[LTN 205, 23/10/14]