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Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

 

No.      , 2014

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Minerals resource rent tax                                                                   3

Part 1—Repeals                                                                                                                 3

Minerals Resource Rent Tax Act 2012                                                                     3

Minerals Resource Rent Tax (Imposition—Customs) Act 2012                           3

Minerals Resource Rent Tax (Imposition—Excise) Act 2012                               3

Minerals Resource Rent Tax (Imposition—General) Act 2012                            3

Part 2—Consequential amendments                                                                       4

Administrative Decisions (Judicial Review) Act 1977                                          4

A New Tax System (Goods and Services Tax) Act 1999                                         4

Crimes (Taxation Offences) Act 1980                                                                       4

Income Tax Assessment Act 1997                                                                               5

Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012                9

Petroleum Resource Rent Tax Assessment Act 1987                                              9

Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 11

Taxation Administration Act 1953                                                                          11

Taxation (Interest on Overpayments and Early Payments) Act 1983               17

Part 3—Transitional provisions                                                                               19

Schedule 2—Loss carry back                                                                                         21

Part 1—Repeals                                                                                                               21

Income Tax Assessment Act 1997                                                                             21

Income Tax (Transitional Provisions) Act 1997                                                   21

Part 2—Consequential amendments                                                                     22

Income Tax Assessment Act 1936                                                                             22

Income Tax Assessment Act 1997                                                                             23

Taxation Administration Act 1953                                                                          25

Part 3—Application, transitional and saving provisions                             26

Income Tax (Transitional Provisions) Act 1997                                                   26

Schedule 3—Small business instant asset write-off threshold                    28

Income Tax Assessment Act 1997                                                                             28

Schedule 4—Deductions for motor vehicles                                                          30

Income Tax Assessment Act 1997                                                                             30

Schedule 5—Geothermal energy                                                                                  32

Income Tax Assessment Act 1997                                                                             32

Schedule 6—Superannuation Guarantee Charge percentage                   37

Superannuation Guarantee (Administration) Act 1992                                     37

Schedule 7—Low income superannuation contribution                               38

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          38

Schedule 8—Repeal of income support bonus                                                    41

Part 1—Main amendments                                                                                        41

Social Security Act 1991                                                                                           41

Social Security (Administration) Act 1999                                                            41

Part 2—Consequential amendments                                                                     43

Farm Household Support Act 1992                                                                        43

Income Tax Assessment Act 1997                                                                             43

Social Security Act 1991                                                                                           44

Social Security (Administration) Act 1999                                                            44

Part 3—Saving provisions                                                                                          45

Schedule 9—Repeal of schoolkids bonus                                                                47

Part 1—Amendments                                                                                                   47

A New Tax System (Family Assistance) Act 1999                                                 47

A New Tax System (Family Assistance) (Administration) Act 1999                  48

Income Tax Assessment Act 1997                                                                             49

Social Security (Administration) Act 1999                                                            49

Part 2—Saving provisions                                                                                          50

 



A Bill for an Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 5

A day or days to be fixed by Proclamation.

However, if any of the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

3.  Schedule 6

The day this Act receives the Royal Assent.

 

4.  Schedules 7 to 9

A day or days to be fixed by Proclamation.

However, if any of the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.