GST Point-in-Time Service Updates

The GST Point-in-Time Service has been updated to include the latest amendments in the Social Services Legislation Amendment (Low Income Supplement) Act 2015 (No. 143 of 2015); Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 (No. 147 of 2015) and Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015 (No. 149 of 2015).

Act 143 of 2015

This Act reintroduces a 2015 Budget measure previously introduced in the Social Services Legislation Amendment (Youth Employment and Other Measures) Act 2015, which was negatived in the Senate on 9 September 2015. The measure will cease the low income supplement from 1 July 2017.

Act 147 of 2015

This Act amends the Australian Securities and Investments Commission Act 2001 (CTH) and the Australian Consumer Law (ACL), which is set out in the Competition and Consumer Act 2010, to extend the unfair contract term protections currently available to consumers to cover businesses with less than 20 employees agreeing to standard form contracts valued at less than a prescribed threshold.

Act 149 of 2015

The Act ensures that the public disclosure of information by the Commissioner of Taxation under the income tax transparency laws does not affect the privacy and personal security of the ultimate owners of Australian-owned private companies. It also removes the risk that such disclosure of the information will harm Australian-owned private companies’ market environments.

The amendments made by Acts 143, 147 and 149 of 2015 have been updated in the Point-in-Time GST Service current to 23 November 2015. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.