Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Private Health Insurance Amendment (Income Thresholds) Act 2021 (Cth) (Act 52 of 2021), the Treasury Laws Amendment (COVID-19 Economic Response) Act 2021 (Cth) (Act 71 of 2021), and the Treasury Laws Amendment (2021 Measures No. 4) Act 2021 (Cth) (Act 72 of 2021).

Act 52 of 2021

This Act continues the pause of the annual indexation of private health insurance income thresholds for another two years, and adjusts the formula for recommencement of indexation at the current income thresholds following the end of the pause. With the pause, rebate income thresholds remain at $90,000 for the base single policy and at $180,000 for the base family policy. Base income threshold (under which a taxpayer is not liable to pay the MLS) remains at $90,000 for singles and at $180,000 for families. 

Act 71 of 2021

An Act to amend the law relating to taxation, and for related purposes. Schedule 1 to the Act proposes amendments to income tax law to extend the concessional tax treatment of payments received by eligible businesses under eligible COVID-19 recovery grant programs administered by a State or Territory Government (or a State or Territory authority).

Schedule 2 to the Act seeks to amend the tax secrecy provisions in the Taxation Administration Act 1953 to allow protected information to be disclosed to Services Australia for the purposes of administering the COVID-19 Disaster Payment.

Act 72 of 2021

Schedule 4 to the Act amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to provide that ASIC is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration paid or payable as remuneration by a retail client or consumer to a person, including the provider (or their associates) of a financial product or a credit product.

These amendments have been updated in the Point-in-Time Income Tax Service current to 12 July 2021 (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.