Treasury Laws Amendment (2022 Measures No 4) Bill 2022 (Cth) introduced into Parliament
A Bill has been introduced into the House of Representatives that contains provisions pertaining to:
- the digital games tax offset;
- the tax treatment of digital currency;
- reducing the compliance burden for FBT record keeping;
- the skills and training boost and technology investment boost;
- superannuation financial reporting and auditing;
- deductible gift recipients; and
- taxation of military superannuation benefits.
The majority of these measures have been discussed in more detail in previous editions of the Birchstone Brief.
Notably, the Bill has been referred to the Senate Economics Legislation Committe for inquiry and a report by 25 January 2023.
Treasury Laws Amendment (Electric Car Discount) Bill 2022 (Cth) awaits royal assent
The Bill which contains an FBT exemption for certain zero or low emissions vehicles with a first retail sale value below the luxury car tax threshold for fuel efficient vehicles (first covered in the Birchstone Brief for the week ended 29 July 2022) was passed by the Senate with amendments on 25 November 2022. Those amendments were agreed to by the House of Representatives on 28 November 2022. The Bill has therefore completed its journey through Parliament and now awaits royal assent.
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022 (Cth) introduced into Parliament
A Bill has been introduced into the House of Representatives to, among other things:
- allow the electronic signing and sending of documents under the Corporations Act 2001 (Cth);
- update payment provisions in Treasury laws to allow electronic payments to be used;
- permit certain regulators under a number of Acts to hold virtual or hybrid hearings and examinations;
- enable notices currently required to be published in newspapers to be published in an accessible and reasonably prominent manner;
- begin moving some ASIC legislative instruments into the Corporations Act (to improve the navigability of the law); and
- make miscellaneous and technical amendments to Treasury portfolio legislation (including the SISA, FBTAA, ITAA 1997 and the GST Act) to correct drafting errors, repeal inoperative provisions, address unintended outcomes and make other technical changes.
The Bill has also been referred to the Senate Economics Legislation Committe for inquiry and a report by 25 January 2023.
Bills giving effect to AL-ECTA now law
The following Bills (which were introduced to give effect to customs and taxation arrangements agreed under the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA)) have passed both Houses, received the royal assent and are now law:
Exposure draft legislation: Response to review of TPB & TASA
Treasury has released exposure draft legislation and associated explanatory material regarding the government’s response to the independent review concerning the effectiveness of the Tax Practitioners Board (TPB) and the Tax Agent Services Act 2009 (Cth) (TASA). The proposed amendments to the TASA incorporate several of the recommendations from the review and are designed to enhance community confidence, increase the independence and effectiveness of the TPB, and support high standards in the tax profession whilst streamlining the regulation of tax practitioners.
Land Tax Assessment Amendment Bill 2022 (WA) now law
The Bill (first covered in the Birchstone Brief for the week ended 23 September 2022) received royal assent as Act No 42 of 2022 on 21 November 2022 and is now law.