14 September 2016
Media Release - #2016084, 2016

In the role of: Minister for Revenue and Financial Services [19 July 2016 - 28 August 2018]

Government introduces further tax improvements

The Turnbull Government is ensuring the sustainability of Australia's tax system through the introduction of the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 into Parliament today.

"This Bill amends various taxation laws to improve their flexibility and effectiveness while reducing red-tape on individuals, businesses and community organisations," Minister O'Dwyer said.

"The changes include establishing a remedial power for the Commissioner of Taxation to allow for a more timely resolution of certain unforeseen or unintended outcomes in the taxation and superannuation laws.

"The changes to the income tax averaging rules for farmers recognise that income from primary production can be unpredictable and allows income averaging to reapply ten years after a farmer has chosen to opt out, rather than permanently excluding them from the benefits of averaging.

"Amendments to the luxury car tax will provide tax relief to certain public institutions that import or acquire cars for the sole purpose of public display.

"Finally, the Bill makes a number of minor amendments across the tax and superannuation laws to clarify the law and repeal unnecessary provisions.

"This legislation supports the Government’s commitment to a fairer, simpler and stronger tax system."