Published 29 December 2008
The Government has opened the Taxation (International taxation, life insurance & remedial matters) Bill & supplementary order paper 224 up for public submissions. Submissions close on Thursday 15 January.
This bill proposes changes to tax law, including reform of international tax rules, reform of the taxation of life insurance business and reform of definitions of associated persons in the Income Tax Act 2007.
It proposes changes to the income tax rules for petroleum mining and makes provision for payroll giving, the taxation of emissions units, raising tax thresholds and a new film grant. It also proposes clarification of relocation payments & overtime meal allowances for employees and the introduction of specific tax rules for the treatment of honoraria & payments that reimburse expenditure incurred in undertaking voluntary activities.
The supplementary order paper proposes changes to treat certain stapled stock instruments as equity for tax purposes.
Website: Tax bill
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Attribution: Parliamentary order paper, story written by Bob Dey for the Bob Dey Property Report.