The GST Point-in-Time Service has been updated to include the Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 (Cth) (Act 15 of 2018), the Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (Cth) (Act 23 of 2018), the Intelligence Services Amendment (Establishment of the Australian Signals Directorate) Act 2018 (Cth) (Act 25 of 2018) and the Safety, Rehabilitation and Compensation Legislation (Defence Force) Consequential Amendment Regulations 2018 (Cth).
This Act amends the tax law to replace the former Exploration Development Incentive
(EDI) with the Junior Minerals Exploration Incentive (JMEI). Like the EDI, the JMEI
provides a tax incentive to invest in small minerals exploration companies undertaking
greenfields minerals exploration in Australia. Australian resident investors of these
companies receive a tax incentive where the companies choose to give up a portion
of their tax losses relating to their exploration expenditure in an income year.
Unlike the EDI, under the JMEI:
Schedule 1 to this Act makes a number of regulatory improvements to Treasury portfolio laws. The regulatory improvements include:
Schedule 2 to this Act amends the ITAA 1997, the SLAA 2012 and the TLAA 2010 to extend
the tax relief for merging superannuation funds until 1 July 2020.
Schedule 3 to this Act amends the APRA Act to enable the Government to recover the ongoing cost of the governance of the superannuation transaction network from the superannuation supervisory levy.
Schedule 4 to this Act transfers the regulator role for early release of superannuation benefits on compassionate grounds from the Chief Executive Medicare (Department of Human Services) to the Commissioner of Taxation (Australian Taxation Office).
Schedule 5 to this Act amends the TAA 1953, ITAA 1997 and the GST Act to require purchasers of new residential premises and new subdivisions of potential residential land to make a payment of part of the purchase price to the ATO.
The Act implements the recommendations of the 2017 Independent Intelligence Review to establish the Australian Signals Directorate (ASD) as an independent statutory agency within the Defence portfolio reporting directly to the Minister for Defence, as endorsed by Government. The Act also includes a number of other related amendments following the establishment of ASD.
These regulations amend various Commonwealth Regulations consequential upon the enactment of the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988.
The amendments made by the Acts and the Regulation have been updated in the Point-in-Time GST Service current to 24 May 2018. (NB: Subscription required).
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