TLA Bill (No. 2) 2022 introduced

August 11, 2022

The Treasury Laws Amendment (2022 Measures No 2) Bill 2022 was introduced in the House of Representatives. The Bill proposes to implement the following previously announced measures:

  • Self-education expenses: the Bill will remove the $250 threshold for self-education expenses in s 82A of the ITAA 1936. Consequential amendments will also be made to the FBTAA 1986 to remove references to s 82A. Date of effect: will apply from the 2022–2023 income year (and the 1 April 2023 FBT year).
  • ATO tax-records education directions: will require an entity to complete an approved record-keeping course (as an alternative to existing penalties) where the Commissioner reasonably believes that there has been a failure to comply with one or more specified record-keeping obligations under a taxation law. Date of effect: The Commissioner will be able to issue a tax-records education direction to an entity three months after the day the Bill receives assent.
  • AAT power to stay small business tax decisions: will enable small business entities to apply to the Small Business Taxation Division of the AAT for an order staying the operation or implementation of certain decisions of the Commissioner that are being reviewed by the AAT. Date of effect: will apply to applications for review made on or after the day after the Bill receives assent.
  • Digital platforms: an operator of an electronic distribution platform will be required to provide information on transactions made through the platform to the ATO. Will implement a recommendation of the Black Economy Taskforce. Date of effect: will apply from 1 July 2023 to the supply of taxi travel and short-term accommodation (and 1 July 2024 for all other transactions).
  • Downsizer super contributions: will give effect to the Government’s election commitment to reduce the eligibility age to 55 (down from 60) to make downsizer contributions into super. Date of effect: will apply to contributions made from the first quarter after assent to the Bill.