Legislation
No 1 amending Bill introduced
12.02.2009
The Tax Laws Amendment (2009 Measures No 1) Bill 2009 was introduced into Parliament on 12 February 2009. It contains the following amendments:
- PAYG instalment reduction for small business: amendments are being made to the provision which provides how the Commissioner works out the amount of the PAYG instalments on the basis of GDP-adjusted notional tax for quarterly payers paying four instalments annually to provide for:
- a 20% reduction of the amount of the PAYG instalment worked out under the section for the quarter that includes 31 December 2008 for certain small business taxpayers; and
- a regulation-making power to allow the amount of the PAYG instalment worked out under the section to be reduced in the future in circumstances specified by regulations;
- temporary resident’s superannuation and unclaimed money: various Acts are being amended as a result of the payment of temporary residents’ unclaimed superannuation to the Australian Government and to improve the administration of the broader unclaimed money regime;
- reforms to income tests: relevant legislation is being amended to give effect to measures, announced in the 2008-09 Budget, to amend income tests across the tax and transfer systems. These measures will enhance fairness in the application of income tests and better ensure that government assistance is targeted to those most in need.
For the text of the Bill, click here.
