This three-volume set provides a comprehensive consolidation of Australian income tax and related legislation, updated and consolidated for all amendments to 1 July 2017.
A complete and easy-to-read set, incorporating all relevant income tax and related legislation together with detailed history notes for all substantive amendments in the last six years, a legislation annotator, index and conversion tables between the 1997 and 1936 tax assessment Acts.
Includes amendments to:
- establish a remedial power for the Commissioner of Taxation to allow for a more timely resolution of certain unforeseen or unintended outcomes in the taxation laws;
- allow primary producers to access income tax averaging 10 income years after choosing to opt out, instead of that choice being permanent;
- impose a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation;
- introduce additional income tax rules on recipients of certain defined benefit income streams in excess of $100,000 per annum and reduce the threshold at which high-income earners pay Division 293 tax on their concessional taxed contribution to superannuation to $250,000;
- reduce the annual concessional contributions cap to $25,000 and the annual non-concessional contributions cap to $100,000;
- remove the anti-detriment deduction;
- remove the requirement that an individual must earn less than 10 per cent of their income to be able to claim a deduction for personal superannuation contributions;
- enable catch-up concessional contributions;
- extend the spouse superannuation tax offset and amend the earnings tax exemption for complying superannuation funds, retirement savings account providers and life insurance companies.