Federal Parliament might have gone for the year, but there are a substantial number of tax and related Bills that are still before Parliament in respect of which debate will not resume until 2018. They include some important amendments affecting a wide range of taxpayers. Issue 52 of Thomson Reuters 2017 Weekly Tax Bulletin lists 35 such Bills including:
- Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 – progressive extension of corporate tax rate cuts to 25% for 2016-27 and later years.
- Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 plus 9 associated Bills – proposes to increase the Medicare levy to 2.5% for 2019-20 and later years.
- Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 – proposes to amend the tax law to ensure that a company will not qualify for the lower company tax rate if more than 80% of its assessable income is passive income (such as interest, dividends or royalties).
- Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 – proposes to require all trustees of registrable superannuation entities to have a minimum of one-third independent directors on their trustee board, and an independent Chair.
See details of the full list of 35 Bills in Issue 52 of the Weekly Tax Bulletin. It may surprise you what proposed amendments are caught up in the logjam.