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The Australian Government has hailed the passage of a package of tax reforms to improve income averaging arrangements for farmers and provide the Tax Commissioner with a new power.
The Tax and Superannuation Laws Amendment (2016 Measures No.2) Bill 2016 passed on February 9.
The legislation amends the income tax averaging rules for farmers, to allow primary producers to re-access the benefits of income tax averaging 10 income years after they opted out of the system.
Revenue Minister Kelly O'Dwyer said: "Through this measure, the Government is making the rules more flexible to account for the changing business circumstances of primary producers and to prevent farmers being locked out of the system."
The Bill also establishes a remedial power for the Commissioner of Taxation. The Government said this will allow for the timelier resolution of certain unforeseen or unintended outcomes in the taxation and superannuation laws.
It amends the luxury car tax to provide tax relief to certain public institutions that import or acquire cars for the sole purpose of public display. Finally, it makes minor changes to the tax and superannuation laws to reduce red tape for individuals, businesses, and community organizations.
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