Bill
Tax Laws Amendment (2014 Measures No. 1) Bill 2014
passed, as at 2014-05-30. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-03-27
- second reading — 2014-03-27
- second reading — 2014-05-14
- second reading — 2014-05-14
- third reading — 2014-05-14
- introduced — 2014-05-14
- second reading — 2014-05-14
- second reading — 2014-05-15
- second reading — 2014-05-15
- third reading — 2014-05-15
- passed — 2014-05-15
- royal assent — 2014-05-30
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-03-27.
This bill would change rules for farm management deposits, a savings tool farmers use to smooth income when seasons or markets are volatile.
It would let farmers combine deposits held at several banks, increase the off‑farm income they can earn without losing the ability to contribute, and stop bank rules on unclaimed money from applying to these deposits.
A transitional rule would clarify how deposits that became unclaimed money are taxed, applying back to 1 January 2013.
- Allows taxpayers to consolidate multiple farm management deposits held with different banks.
- Raises the limit on non‑primary production income a taxpayer can receive in a year before being barred from making a deposit.
- Prevents the Banking Act's unclaimed‑moneys rules from applying to farm management deposits.
- Introduces a transitional rule for the tax treatment of deposits that become unclaimed money, effective from 1 January 2013.
Individuals carrying on a primary production business who use farm management deposits.
Sources
em
billhome
frl act