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Australian Gov't Introduces Tax Law Amendments

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

20 September 2016


The Australian Government has introduced legislation to improve the flexibility and effectiveness of the tax system.

The Tax and Superannuation Laws Amendment (2016 Measures No.2 Bill) 2016 Bill was introduced and read for the first time on September 14. If passed, it will:

  • Introduce a new power to allow the Commissioner of Taxation to make modifications to the operation of a taxation law to ensure that the law can be administered to achieve its intended purpose or object;
  • Amend 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;
  • Provide relief from luxury car tax to certain public institutions (such as museums, and galleries) that import or acquire luxury cars for the sole purpose of public display; and
  • Make a number of minor amendments across the tax and superannuation laws to clarify their scope, and to repeal unnecessary provisions.

TAGS: tax | value added tax (VAT) | vehicle tax | law | goods and services tax (GST) | Australia | legislation | tax reform | individual income tax | services

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