Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the latest amendments in the Customs and Other Legislation Amendment (Australian Border Force) Regulation 2015 (SLI 90 of 2015); Tax Laws Amendment (Small Business Measures No. 1) Act 2015 (No. 66 of 2015) and Tax Laws Amendment (Small Business Measures No. 2) Act 2015 (No. 67 of 2015).

Regulation 90 of 2015

The Customs and Other Legislation Amendment (Australian Border Force) Regulation 2015 amends a range of legislation to give effect to the Government’s decisions to abolish the Australian Customs and Border Protection (the ACBPS) and integrate its functions into the Department of Immigration and Border Protection (the Department), and to establish an Australian Border Force within the Department.

Act 66 of 2015

The purpose of the Tax Laws Amendment (Small Business Measures No. 1) Act 2015 is to amend various income tax laws to reduce the tax rate for incorporated businesses with an aggregate turnover of less than $2 million from 30 per cent to 28.5 per cent. The Act also makes changes to maintain the franking credit passed to owners of these businesses at 30 per cent and consequential changes to reflect the 28.5 per cent tax rate.

Act 67 of 2015

The Tax Laws Amendment (Small Business Measures No. 2) Act 2015 fulfils measures announced in the 2015–16 Budget to implement accelerated depreciation arrangements for eligible small businesses and primary producers. The small business accelerated depreciation arrangements are part of a broader package of measures relating to small business that includes income tax cuts.

The amendments made by Regulation 90 of 2015 and Acts 66 and 67 of 2015 have been updated in the Point-in-Time Income Tax Service current to 25 June 2015. (NB: Subscription required).

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