Tax Bills In The Pipeline

Much of the unfinished parliamentary business from the pre-2016 election parliament has been included in fresh Bills now before parliament. A number of the proposed measures are intended to take effect from 1 July 2016. For progress of the amending legislation, see Budget Savings (Omnibus) Bill 2016 and Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016  and  Tax Laws Amendment … Read more

Innovation Tax Incentives

The Government’s innovation policy announced today has a number tax and business initiatives designed to encourage and support the risk of investment in new ventures. Among the measures: Support is to be provided by way of tax incentives for early-stage investments, there is a softening of some of the business rules around disclosures, fund-raising and insolvency, and the provision of … Read more

Updates – December 2015

The just-finished 2015 parliamentary sessions have been busy, and so have we. Although the year is by no means finished yet (the 2015 MYEFO is due mid-December), we’re grabbing a pause for a round-up of some of the more significant recent developments and site content updates. The government is intending to give the Commissioner of Taxation the power to … Read more

2015-16 Tax Rates Clarified

After more than a year of uncertainty, the Federal parliament has confirmed the personal income tax rates which are to apply from 1 July 2015. Passage of the necessary tax scale repeal legislation was achieved with the support of the Labor Opposition in the Senate. See tax rates 2015-16. The previously legislated personal tax scale for 2015-16 provides for a slight overall net tax … Read more

Mining Tax Repealed Finally – With Compromises

With the assistance of the Palmer United Party the Mining Tax repeal legislation has now finally been approved by both Houses of parliament. For the Government the price of approval came in the form of some compromise in measures which were linked to the Mining Tax when it was introduced, and which the Government wanted to wind back to help … Read more

Carbon Tax Gone – But Budget Headaches Remain

The government has finally achieved its much-publicised objective of getting rid of the carbon tax, when the Senate approved the package of repeal bills on 17 July 2014. But winning the Senate’s approval has come at a cost – in earlier repeal attempts the government accepted the separation from the bills package the specific measure removing the … Read more