Reduces corporate tax rates for small companies with annual turnover of less than $2 million from 30 per cent to 28.5 per cent starting from the 2015–16 financial year. Increase in Tobacco Exciseb Compliant Yes No Increases the rates of excise on tobacco and tobacco products through a series of four staged increases of 12.5 per cent, commencing on 1 December 2013 with subsequent increases on 1 September each year until the last of the staged increases on 1 September 2016. Reducing Superannuation Compliance Costs for Small Compliant Yes No Business Reduces the compliance costs of the superannuation system on small businesses by amending choice of fund obligations so that employers are no longer required to offer choice of fund to temporary resident employees and in circumstances when superannuation funds merge. Unincorporated Small Business Tax Discount Compliant Yes No Provides an annual 5 per cent tax discount capped at $1000 for individual taxpayers with business income from an unincorporated small business from 1 July 2015. Superstream: Pass Through of Employee Details Compliant at n/a No consultation Requires any superannuation fund that receives data relating to a contribution being made to another fund to forward that data to the other fund. Grocery Code of Conduct Compliant at n/a No consultation Considers whether the activities of the supermarket chains are harming Australian suppliers. Employee Share Schemes and Start-ups Compliant at n/a No consultation Outlines possible improvements to the taxation arrangements for Employee Share Schemes. a Note this proposal was implemented in June 2014 but was not reported in the 2013–14 Best Practice Regulation Report. b Note this proposal was implemented in March 2014 but was not reported in the 2013–14 Best Practice Regulation Report. n/a Best practice is assessed at the Assessment stage.
Reduces corporate tax rates for small companies with annual turnover of less than $2 million from 30 per cent to 28.5 per cent starting from the 2015–16 financial year. Increase in Tobacco Exciseb Increases the rates of excise on tobacco and tobacco products through a series of four staged increases of 12.5 per cent, commencing on 1 December 2013 with subsequent increases on 1 September each year until the last of the staged increases on 1 September 2016. Compliant Yes No Reducing Superannuation Compliance Costs for Small Business Reduces the compliance costs of the superannuation system on small businesses by amending choice of fund obligations so that employers are no longer required to offer choice of fund to temporary resident employees and in circumstances when superannuation funds merge. Compliant Yes No Unincorporated Small Business Tax Discount Provides an annual 5 per cent tax discount capped at $1000 for individual taxpayers with business income from an unincorporated small business from 1 July 2015. Compliant Yes No Superstream: Pass Through of Employee Details Requires any superannuation fund that receives data relating to a contribution being made to another fund to that data to the other fund. Compliant at consultation n/a No Grocery Code of Conduct Considers whether the activities of the supermarket chains are harming Australian suppliers. Compliant at consultation n/a No Employee Share Schemes and Start-ups Outlines possible improvements to the taxation arrangements for Employee Share Schemes. Compliant at consultation n/a No a Note this proposal was implemented in June 2014 but was not reported in the 2013–14 Best Practice Regulation Report. b Note this proposal was implemented in March 2014 but was not reported in the 2013–14 Best Practice Regulation Report. n/a Best practice is assessed at the Assessment stage. forward
best-practice-regulation-report-2014.docx