Customs Point-in-Time Service Updates

Tuesday 25 January 2022 @ 9.26 a.m.

The Customs Point-in-Time Service has been updated to include the Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (Cth) (No 127 of 2021).

Act 127 of 2021

On 1 January 2021, the Australian Government’s corporate insolvency reforms – Corporations Amendment (Corporate Insolvency Reforms) Act 2020 and Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020 – commenced. The reforms established new debt restructuring and simplified liquidation processes for eligible incorporated small businesses, which reduce the complexity, time and costs of external administration and the compliance burden for insolvency practitioners. These processes enable more Australian small businesses to quickly restructure and keep trading or, where restructure is not possible, the intent is to support businesses to wind up faster, enabling greater returns for creditors.

Schedule 1 to the Act amends Division 376 of the ITAA 1997 to increase the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure, and to make various threshold and integrity amendments across the three screen tax offsets.

Schedule 2 to the Act makes consequential amendments to integrate the corporate insolvency reforms across the Commonwealth statute book.

Schedule 3 to the Act makes a number of miscellaneous and technical amendments to various laws in the Treasury portfolio to improve these laws and ensure they operate as intended.

These amendments have been updated in the Point-in-Time Customs Service current to 24 January 2022. (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.