Income Tax Point-in-Time Service Updates

Friday 19 August 2022 @ 10.25 a.m.

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 (Cth) (Act 35 of 2022).

Act 35 of 2022

An Act to amend the law relating to taxation and superannuation, to make miscellaneous and technical amendments of the statute law of the Commonwealth, and for related purposes.

Schedule 1 to the Act amends the ITAA 1997 to provide further support for small businesses and primary producers impacted by Cyclone Seroja in April 2021. This Schedule makes grants received in relation to Cyclone Seroja under Category C of the Disaster Recovery Funding Arrangements 2018 non-assessable and non-exempt income for income tax purposes.

Schedule 3 to the Act amends the ITAA 1997 and the ITAA 1936 to provide income tax and withholding tax exemptions for FIFA and its wholly owned subsidiary FWWC2023 Pty Ltd for activities associated with delivering the 2023 FIFA Women’s World Cup.

Schedule 4 of the Act amends the TAA 1953 in regards to corporate tax transparency provisions.

Please note, Schedule 4 of this Act also retrospectively amends the automatic commencements of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) (Act 69 of 2020).

Previously, parts of these Acts automatically commenced on 22 June 2022. Following the amendments, these Acts will now automatically commence on 1 July 2026, or on an earlier date if specified by Proclamation.

These commencements affect amendments to the following Acts:

  • Taxation Administration Act 1953 (Cth) (Act 1 of 1953);
  • Income Tax Assessment Act 1997 (Cth) (Act 38 of 1997); and
  • Business Names Registration (Transitional and Consequential Provisions) Act 2011 (Cth) (Act 127 of 2011).

These amendments have been updated in the Point-in-Time Income Tax Service current to 18 August 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.