| Amendments to the taxation of gaseous fuels |
| Consequential amendments to the taxation of alternative fuels legislation, specifically relating to the taxation of gaseous fuels. |
| Approved worker entitlement funds |
| Changes to the endorsement process of Approved worker entitlement funds. |
| Australia and Malaysia signed a new tax protocol |
| On 24 February 2010 Australia and Malaysia signed a new tax protocol. |
| Australia and Turkey new tax treaty |
| On 28 April 2010, Australia and Turkey signed a new tax treaty. The first tax treaty between the two countries. |
| Australia-Aruba tax information exchange agreement |
| Legislation for a new TIEA and accompanying ATR agreement between Australia and Aruba was enacted on 27 June 2011. |
| Australia-Cook Islands tax information exchange agreement |
| Legislation for a new TIEA and accompanying ATR agreement between Australia and Cook Islands was enacted on 27 June 2011. |
| Australia-Samoa tax information exchange agreement |
| Legislation for a new TIEA and accompanying ATR agreement between Australia and Samoa was enacted on 27 June 2011. |
| Capital gains tax relief for compulsory acquisitions of part of a main residence |
| Extend the capital gains tax (CGT) main residence exemption for compulsory acquisitions (and certain other involuntary events) relating to part of a taxpayer's main residence. |
| Capital protected products - change to benchmark interest rate |
| The government has adjusted the benchmark interest rate to better reflect the additional credit risk borne by lenders for the cost of capital protection that is paid on a deferred basis. |
| Changes to the super guarantee |
| Increase in the superannuation guarantee for employers and removal of the age limit. |
| Clean energy future |
| The bills in the Clean Energy Legislative Package have received royal assent and also the proclamation of their commencement dates. This is part of the government's comprehensive plan to move to a clean energy future. |
| Conservation tillage refundable tax offset |
| The government introduced for three years a refundable tax offset (RTO) for eligible new depreciating assets used in conservation tillage farming practices. |
| Crude oil excise - legislative amendments |
| Several legislative amendments were made to ensure that condensate production is subject to crude oil excise as announced in the 2008-09 Budget. |
| Dependent spouse tax offset phase-out |
| From 1 July 2011, eligibility for the dependent spouse tax offset will be confined to taxpayers with a dependent spouse born before 1 July 1971. |
| Exempting taxes, fees and charges from the GST |
| In the 2010-11 Budget, the government announced it would amend the GST law to replace the current mechanism for exempting Australian taxes, fees and charges with a principles-based legislative exemption. |
| Extension to the petroleum resource rent tax |
| The extension to the petroleum resource rent tax came into effect on 1 July 2012. It covers all Australian onshore and offshore oil and gas projects, including the North West Shelf. |
| Film tax offsets |
| The government announced the following enhancements to the film tax offset emerging from the recent review conducted into the Australian independent screen production sector. |
| First Home Saver Account |
| Tax Laws Amendment (2011 Measures No. 1) Act 2011 received royal assent on 25 May 2011.The Act makes amendments to allow savings in a first home saver account to be paid into an approved mortgage after the end of a minimum qualifying period. |
| Flood levy |
| The government announced on 27 January 2011 that it will introduce a flood levy for 2011-12 to assist affected communities recover from the recent floods and rebuild essential infrastructure. The levy forms part of a package of measures designed to assist affected communities. |
| GST and the export of boats |
| The Tax Laws Amendment (2011 Measures No. 3) Act 2011, No.51 received royal assent on 27 June 2011. Schedule 1 amends the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) to allow eligible boats to be sold in Australia GST-free if certain conditions are met. |
| Improving the taxation of trust income |
| In 2011 law changes were enacted that enable the streaming of capital gains and franked distributions to beneficiaries for tax purposes and introduce targeted anti-avoidance rules. |
| Income averaging and farm management deposit concessions |
| The government announced on 16 December 2010 that it will introduce legislation to allow primary producer trust beneficiaries to continue to access the income averaging and the farm management deposit concessions in a loss year. |
| Introduction of effective fuel tax on alternative fuels |
| Alternative fuels such as liquefied petroleum gas (LPG), liquefied natural gas (LNG) and compressed natural gas (CNG) will be brought into the tax system. |
| Low income tax offset - changes for minors |
| In the 2011-12 Budget, the Australian Government announced changes that will remove the ability of minors (children under 18 years of age) to access the low income tax offset to reduce tax payable on their unearned income. |
| Minerals resource rent tax |
| The minerals resource rent tax came into effect on 1 July 2012 and applies to all new and existing iron ore and coal projects in Australia. |
| National Rental Affordability Scheme - amendments to the tax law provisions |
| Amendment to provisions in the tax law that relate to the tax offset available under the National Rental Affordability Scheme (NRAS). |
| Pacific seasonal worker pilot scheme |
| Non-resident Pacific workers who participate in the Pacific Seasonal workers pilot scheme will be subject to a tax rate of 15% on the first $37,000 of their taxable income, instead of the current 29%. |
| Personal tax changes (clean energy) |
| With the introduction of the Clean Energy Future Plan, the cost of living is expected to increase. The government has simplified the personal income tax system and provided assistance with the expected financial impact on low and middle income individuals from the price on carbon. |
| Petroleum resource rent tax - clarifying the taxing point |
| This measure amends the Petroleum Resource Rent Tax Assessment Act 1987 to confirm the current application of the petroleum resource rent tax (PRRT) in relation to the taxing point, with effect from 1 July 1990. |
| Prisoner of war recognition supplement - establishment and tax treatment |
| In the 2011-12 Federal Budget the government announced that $27.8 million will be provided over five years to further recognise the severe hardship and suffering experienced by former prisoners of war (POWs) of Japan and Europe from the Second World War, and former POWs from the Korean War. |
| Reduction of the HELP voluntary repayment bonus |
| This bill amends the Higher Education Support Act 2003 to reduce the bonus on voluntary repayments and the discount applied to up front payments made to higher education providers. |
| Reforms to car fringe benefit rules |
| On 29 June 2011, legislation was enacted that changes the statutory formula method for calculating a car fringe benefit. |
| Reforms to the treatment of concessional contributions in excess of the annual cap |
| The Government announced it will allow individuals to withdraw any excess concessional contributions made from 1 July 2013 from their superannuation fund, and tax excess concessional contributions at the individual's marginal tax rate plus an interest charge, rather than the top marginal tax rate. |
| Reportable employer superannuation contributions |
| On 30 June 2010, the Minister for Financial Services, Superannuation and Corporate Law and the Minister for Human Services announced that the government will amend the definition of reportable employer superannuation contributions. |
| Research and development tax incentive (offset) |
| For income years starting on or after 1 July 2011, the research and development (R&D) tax concession has been replaced by the R&D tax incentive (offset). |
| Running balance account - applying of credits |
| This measure amends the Taxation Administration Act 1953 to ensure it will not be mandatory to apply a payment, credit or running balance account surplus against a tax debt that is a business activity statement amount unless that amount is due and payable. |
| Self-managed super funds investing in collectables and personal use assets |
| Outline of the changes to SMSFs investing in collectables and personal use assets with links to the relevant legislation and supporting material. |
| Services and Amenities - Higher Education Loan Program |
| This bill amends the Higher Education Support Act 2003 to allow higher education providers to charge a compulsory student services and amenities fee. |
| Superannuation - terminal medical condition benefits - deductions for funds |
| In the 2010-11 Budget the Government announced it would make amendments to extend the range of benefits for which premiums are deductible. |
| Tax exemption for assistance payments paid to flood victims |
| On 21 January 2011, the government announced that it will make clean-up and recovery grants, paid under the Natural Disaster Relief and Recovery Arrangements, to primary producers and small businesses affected by the flooding that has occurred since 29 November 2010, exempt from tax. |
| Total and permanent disability going forward |
| On 26 May 2011 legislation was introduced into parliament to allow an income tax deduction for the costs of certain insurance premiums for total and permanent disability (TPD) to the extent of the percentages prescribed in the regulations. |
| Total and permanent disability self insurers |
| On 26 May 2011 legislation was introduced into parliament to extend the current transitional relief for the deductibility of total and permanent disability (TPD) insurance premiums to funds that self-insure their liability to provide disability benefits. |
| Trustee of a self-managed super fund |
| In the 2011-12 Federal Budget the government announced a minor amendment to the rules of being a trustee of a self-managed super fund (SMSF). |
| Use of tax file numbers for super purposes |
| The government has passed legislation that will allow super funds to use tax file numbers to locate members' accounts. |
| Venture Australia - enhancing taxation arrangements |
| These measures are changes to the tax treatment of venture capital aimed at increasing investment in Australia's venture capital industry. |