Treasury Laws Amendment (2023 Measures No. 2) Bill 2023 (Cth) introduced
A Bill has been introduced to the House of Representatives which will, if enacted into law:
- increase the Medicare levy and Medicare levy surcharge (MLS) low-income thresholds for the 2022-23 and later income years;
- maintain the Commonwealth Bank superannuation fund guarantee;
- change the taxing point of Australian carbon credit units (ACCUs) held by eligible primary producers to the point of the sale;
- allow eligible primary producers to treat income from the sale of ACCUs as primary production income for the purposes of the Farm Management Deposit Scheme and the primary production income tax averaging measures; and
- implement the 2023-24 Federal Budget measure to reduce the GDP adjustment factor applying to PAYG and GST instalments for the 2023-24 income year to 6% for small businesses (which would otherwise be 12% without legislative intervention).
Senate recommends passing the Treasury Laws Amendment (Refining and Improving Our Tax System) Bill 2023 (Cth)
The Senate Economics Legislation Committee has recommended that the Bill (previously covered in the Birchstone Brief for the week ended 24 March 2023) be passed.
Revenue Legislation Amendment Bill 2023 (NSW) – Bill relating to duties and land tax introduced
The Bill proposes to amend:
- the Duties Act 1997 (NSW) to remove a concession concerning the amount of landholder duty payable by a public landholder; and
- the Land Tax Management Act 1956 (NSW) to extend the time in which unoccupied land may be treated as someone’s principal place of residence for NSW land tax purposes.
Stamp Duty Amendment Bill 2023 (NT) introduced
Introduced into the Northern Territory Legislative Assembly at the same time as the 2023-24 Appropriation Bill and related papers, this Bill will:
- abolish stamp duty on the transfer of non-land property, except for chattels transferred with an interest in land; and
- provide a stamp duty exemption for chattels conveyed with a lease that has nil or nominal value.