CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia Passes 'Fairer Tax' Reforms

Australia Passes 'Fairer Tax' Reforms

by Mary Swire, Tax-News.com, Hong Kong

10 February 2017


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.

TAGS: individuals | tax | business | vehicle tax | law | Australia | legislation | tax reform | individual income tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »