Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Statute Update (Autumn 2018) Act 2018 (Cth) (Act 41 of 2018) and the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Regulations 2018 (Cth).

Act 41 of 2018

The main purpose of this Act is to correct technical errors that have occurred in Acts as a result of drafting and clerical mistakes.
The Act also contains amendments to:

(a) update references in Acts from “the Institute of Chartered Accountants in Australia” to “Chartered Accountants Australia and New Zealand”; and
(b) make amendments consequential on the Acts and Instruments (Framework Reform) Act 2015; and
(c) remove references to the Crown in right of Norfolk Island; and
(d) repeal spent and obsolete provisions and Acts (which will result in the repeal of approximately 572 pages of spent and obsolete provisions).

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Regulations 2018

These regulations amend the Taxation Administration Regulations 2017 to prescribe the circumstances in which the Commissioner of Taxation is to determine that an individual has suffered a financial hardship for the purposes of the First Home Super Saver Scheme.    

The amendments made by the Act and the Regulation have been updated in the Point-in-Time Income Tax Service current to 20 June 2018. (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.