Taxation: Re-elected Government's Legislative Agenda

Taxation Bills mentioned in the Press Release yesterday (23 September 2010) by the Prime Minister as forming part of the re-elected Australian Government's Legislative Agenda for the 43rd Parliament are as follows.

International Tax Agreements Amendment Bill (No. 2)
Give the force of law to the Second Protocol amending the Agreement between the Government of the Commonwealth of Australia and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income as amended by the Protocol of 15 October 1989.

Tax Laws Amendment (Research and Development) Bill
Income Tax Rates Amendment (Research and Development) Bill Replace the existing research and development (R&D) tax concession with a 45 per cent refundable R&D tax offset for eligible entities with a turnover of less than $20 million, and a non-refundable 40 per cent R&D tax offset for all other entities.

Tax Laws Amendment (2010 Measures No. 4)
Amend taxation legislation, including to: amend the GST third party payment adjustment provisions to remove an opportunity to use third party payments to artificially reduce GST liabilities in certain situations; align the requirements of the scrip for scrip roll-over with the requirements of the Corporations Act regulating takeovers and schemes of arrangement; amend the gift provisions to extend deductible gift recipient support to volunteer fire brigades; add certain organisations as specifically listed deductible gift recipients (including the Mary MacKillop Canonisation Gift Fund); and increase the threshold above which a taxpayer may claim the net medical expenses tax offset (the claim threshold) to $2000 and commence annually indexing the claim threshold to the consumer price index, with effect from 1 July 2010.

Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill
Establish a framework to protect the confidentiality of taxpayer information by placing a general prohibition on the disclosure of taxpayer information except in certain specified circumstances.

Superannuation Legislation Amendment Bill
Amend superannuation legislation, including to: facilitate state and territory authorities and public sector superannuation schemes paying unclaimed superannuation moneys to the Commissioner of Taxation and enable the Commissioner to accept and subsequently pay out such amounts; provide transitional relief for income tax deductibility of total and permanent disability insurance premiums paid by superannuation funds; allow the trustee of a regulated superannuation fund to acquire an asset in specie from a related party of the fund following a relationship breakdown, and also ensure equitable application of the transitional arrangements in relation to in-house assets where an asset transfer occurs as a result of a relationship breakdown.

Your feed back and comments on the above proposed laws are welcome.

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