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Tax and Superannuation Laws Amendment (2014 Measures No. 4) Bill 2014


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Income Tax Assessment Act 1997 to: amend the statutory debt limits for the thin capitalisation rules; increase the de minimis threshold for thin capitalisation limits; provide for a new gearing debt test for inbound investors; prevent the double counting of certain non-taxable Australian real property assets that can distort the application of the Principal Asset Test; and clarify the meaning of ‘permanent establishment’; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to make non-portfolio returns on equity to Australian resident companies exempt of Australian income tax; Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to require taxpayers to be issued with an annual tax receipt for the income tax assessed to them; and 15 Acts to make style changes, repeal redundant provisions, correct anomalous outcomes and make technical corrections.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 17/07/14  
Second reading moved 17/07/14  
Second reading debate 24/09/14  
Second reading agreed to 24/09/14  
Third reading agreed to 24/09/14  
     
Senate
Introduced and read a first time 25/09/14  
Second reading moved 25/09/14  
Second reading debate 25/09/14  
Second reading agreed to 25/09/14  
Third reading agreed to 25/09/14  
     
Finally passed both Houses 25/09/14  
Assent 16/10/14 Act no.: 110 - Year: 2014
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)