The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Act 2019 (Cth) (Act 7 of 2019), the
Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (Cth) (Act 8 of 2019) and the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 (Cth) (Act 10 of 2019).
Schedule 1 to the Act amends the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 to supplement the same business test with a more flexible similar business test. The similar business test improves access to losses for companies (and certain trusts) that have changed ownership and allows those companies and trusts to seek out opportunities to innovate and grow without losing access to losses.
Schedules 1 to 6 implement several recommendations contained in the Superannuation Guarantee Cross-Agency Working Group’s report to strengthen compliance with taxation and superannuation guarantee obligations. The package contains amendments to:
Schedule 7 enables the sharing and verification of tax file numbers, which have been obtained in accordance with a Commonwealth law, between the Commissioner and Commonwealth Agencies.
Schedule 8 to this Act makes a number of miscellaneous amendments to the taxation, superannuation and other laws. These amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation including the taxation and superannuation systems.
Schedule 9 to this Act amends the ITAA 1997 to allow the following entities to be
deductible gift recipients under the income tax law:
- Australian Philanthropic Services Limited;
- Foundation 1901 Limited; and
- Sydney Chevra Kadisha.
Schedule 10 to the Act amends the ITAA 1997 to update the list of specifically listed deductible gift recipients to include the Australian Sports Foundation Charitable Fund; the Australian Women Donors Network; the Paul Ramsay Foundation Limited; The Q Foundation Trust; the Smile Like Drake Foundation Limited; and the Victorian Pride Centre Ltd.
Schedule 11 to this Act amends the ITAA 1997 to enable entities that promote Indigenous languages to be endorsed as a deductible gift recipient.
This Act creates a consolidated whistleblower protection regime for the corporate
and financial sectors, and introduces new protections for tax whistleblowers not available
under the existing laws.
This Act amends the Corporations Act to strengthen and consolidate whistleblower protections for the corporate and financial sector; and the TAA 1953 to create a whistleblower protection regime for disclosures of information by individuals regarding breaches of the tax laws or misconduct in relation to an entity’s tax affairs.
It also repeals the financial sector whistleblower regimes and clarifies transitional arrangements.
These amendments have been updated in the Point-in-Time Income Tax Service current to 11 March 2019. (NB: subscription required).
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