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  • Latest news on tax and superannuation law and policy

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    Budget 2020–21

    The Government handed down the 2020–21 Budget on 6 October 2020, with several changes to tax and superannuation laws (see budget.gov.au)External Link.

    Find out about:

    The following announced measures are now law:

    The following measure is still subject to the passage of legislation:

    For progress on other announced changes to tax and superannuation policy and law, see the table below.

    Budget 2020–21 measures

    Measure name

    Proposed start date

    Developments

    JobMaker Plan – JobMaker Hiring Credit

    7 October 2020

    Economic Recovery Package (Jobmaker Hiring Credit) AmendmentExternal Link Bill

    Introduced 7 October 2020 and referred to Senate Economics Legislation Committee; Report due 6 November 2020

    COVID-19 Response Package – JobKeeper payment extension

    28 September 2020

     

    JobMaker Plan — temporary loss carry-back to support cash flow

    First day of the first quarter after royal assent. The loss carry-back offset rules apply to assessments for: the 2020–21 income year; and the 2021–22 income year

    Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020External Link (Act No. 92 of 2020)

    Royal assent 14 October 2020

    JobMaker Plan c bringing forward the Personal Income Tax Plan and retaining the low and middle income tax offset

    1 July 2020

    Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020External Link (Act No. 92 of 2020)

    Royal assent 14 October 2020

    JobMaker Plan – temporary full expensing to support investment and jobs

    7.30pm AEDT on 6 October 2020

    Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020External Link (Act No. 92 of 2020)

    Royal assent 14 October 2020

    Increase the small business entity turnover threshold

    1 July 2020 or 1 April 2021

    Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020External Link (Act No. 92 of 2020)

    Royal assent 14 October 2020

    JobMaker Plan – Research and Development Tax Incentive – supporting Australia’s economic recovery

    1 July 2021

    TBA

    Strengthening Australia’s Foreign Investment Framework

    1 January 2021

    TBA

    Superannuation Reform

    1 July 2021

    TBA

    Fringe Benefits Tax – reducing the compliance burden of record keeping

    First FBT year after royal assent

    TBA

    JobMaker Plan – Digital Business Plan – Expanding Digital Identity

    1 October 2020

    TBA

    JobMaker Plan – Digital Business Plan – Greater Adoption of Electronic Invoicing

    1 July 2021

    TBA

    Supporting older Australians – exempting granny flat arrangements from capital gains tax

    1 July following royal assent

    TBA

    Fringe Benefits Tax – exemption to support retraining and reskilling

    2 October 2020

    TBA

    Clarifying the corporate residency test

    1 July following royal assent

    TBA

    Media Reforms Package – screen sector support

    1 July 2021

    TBA

    Privileges and Immunities — clarify income tax exemptions available to individuals engaged by the International Monetary Fund and the World Bank Group

    1 July 2017

    TBA

    International tax - Updating the list of exchange of information jurisdictions

    1 July 2021

    TBA

    COVID-19 Response Package – making Victoria’s business support grants non-assessable, non-exempt income for tax purposes

    13 September 2020

    TBA

    JobMaker Plan – supporting small business and responsible lending

    1 January 2021

    TBA

    JobMaker Plan – Simplified Trade System

    1 July 2021

    TBA

    Philanthropy – updates to the list of specifically listed deductible gift recipients

    Various

    TBA

    Measures with revised start dates

    On 30 June 2020 the Government announcedExternal Link revised start dates for a number of measures. The revised start dates are as follows:

    Measures with revised start dates

    Measure

    Revised start date

    Superannuation — increasing the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six

    Start date revised from 1 July 2019 to royal assent of the enabling legislation.

    Tax Integrity – removing the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs

    Start date revised from 1 July 2020 to the income years commencing on or after three months after the date of royal assent of the enabling legislation.

    Petroleum Resource Rent Tax — changing the PRRT settings to get a fair return (compliance and administration changes)

    Start date revised from 1 July 2019 to the income year commencing on or after three months after the date of royal assent of the enabling legislation.

    Ten Year Enterprise Tax Plan — targeted amendments to Division 7A

    Start date revised from 1 July 2020 to income years commencing on or after the date of royal assent of the enabling legislation.

    Superannuation — reducing red tape for superannuation funds (exempt current pension income changes)

    Start date revised from 1 July 2020 to 1 July 2021.

    MYEFO 2019–20

    The Government handed down the 2019–20 Mid-Year Economic and Fiscal Outlook (MYEFO) on 16 December 2019, with several proposed changes to tax and superannuation laws. You can access the MYEFO papers on budget.gov.auExternal Link.

    MYEFO 2019-20 measures

    Measure name

    Proposed start date

    Developments

    Whole-of-Government Digital Initiatives

    This builds on the 2019–20 Budget measure Continued Funding for GovPass – Trusted Digital Identity.

    TBA

    TBA

    New Deregulation Agenda (Modernising Business Registers and Director Identification Numbers)

    3 February 2020

    TBA

    Combatting Illegal Phoenixing – reducing the impact of illegal phoenixing on businesses, employees and Government

    TBA

    TBA

    Black Economy – assisting business to meet their record keeping obligations

    3 months post royal assent

    TBA

    Black Economy – introducing a sharing economy reporting regime

    The reporting regime will apply to:

    • Ride-sourcing and short term accommodation platforms from 1 July 2022.
    • Asset sharing, food delivery, task-based platforms, and other platforms (except for marketplaces) from 1 July 2023.
     

    The reporting regime will apply to:

    • Ride-sourcing and short term accommodation platforms from 1 July 2022.
    • Asset sharing, food delivery, task-based platforms, and other platforms (except for marketplaces) from 1 July 2023.
     

    TBA

    Superannuation Guarantee Amnesty – extension of the amnesty period

    24 May 2018

    Treasury Laws Amendment (Recovering Unpaid Superannuation) Act No. 21, 2019External Link

    Royal assent on 6 March 2020

    Superannuation – facilitating closure of eligible rollover funds transfer

    From royal assent for voluntary transfers, requirement to transfer accounts: all accounts below $6,000 to the ATO by 30 June 2020, and all remaining accounts to the ATO by 30 June 2021.

    Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020External Link

    Introduced 6 February 2020

    National Tax Clinic Program

    Extension to existing program

    TBA

    VET FEE-HELP Redress Measures Extension

    1 July 2019

    Higher Education Support Amendment (VET FEE-HELP Student Protection) Act No.160, 2018External Link

    Royal assent on 10 December 2018

    Capital Gains Tax – main residence exemption for foreign tax residents – amendments

    9 May 2017 with grandfathering extension to 30 June 2020

    Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act No.129, 2019External Link and

    Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Act No. 126, 2019External Link

    Royal assent on 12 December 2019

    Tax Integrity – deny deductions for vacant land – amendments

    1 July 2019

    Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act No. 95, 2019External Link

    Royal assent on 28 October 2019

    Corporate Taxation – removing the tax on refunds of large-scale generation certificate shortfall charges

    Royal assent

    More information

    Corporate Taxation – Implementing the Timor-Leste Maritime Boundary Treaty

    30 August 2019

    Treasury Laws Amendment (Timor Sea Maritime Boundaries Treaty) Act No. 59, 2019External Link

    Royal assent on 7 August 2019

    Tax integrity – improving the operation of the hybrid mismatch rules

    1 January 2019

     

    Treasury Laws Amendment (2020 Measures No.2) Bill 2020External Link

    Royal assent on 3 September 2020

    Better Targeting the Research and Development Tax Incentive – refinements

    1 July 2019

    Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019External Link

    Introduced 5 December 2019

    Philanthropy – updates to the list of specifically listed deductible gift recipients to include:

    • Friends of Myall Creek Memorial Inc.
    • Neighbourhood Watch Australasia Limited
    • Greek Orthodox Community of New South Wales Ltd
    • The Samuel Griffith Society
    • Toy Libraries Australia Incorporated
     

    1 July 2019

    TBA

    Superannuation Guarantee – salary sacrifice integrity measures – change in start date

    1 January 2020

    Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act No. 95, 2019External Link

    Royal assent on 28 October 2019

    Protecting Your Super Package – putting members’ interests first – amendments

    1 April 2020

    Treasury Laws Amendment (Putting Members’ Interests First) Act No. 46 2019External Link

    Royal assent on 2 October 2019

    Last modified: 15 Oct 2020QC 43473