The Government has released for comment draft legislation concerning proposed miscellaneous amendments to the taxation laws. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. But there are some not insignificant changes being proposed eg:
- the draft legislation proposes to amend s 159P(4) (subparas (g)(i) and (ii) of the definition of “medical expenses”) of the ITAA 1936 to ensure that payments relating to contact lenses are treated the same way as payments relating to spectacles, for the purposes of the medical expenses rebate;
- the draft legislation also proposes to amend the Tax Laws Amendment (2011 Measures No 9) Act 2012 to allow the Commissioner to amend assessments of those taxpayers who are entitled to apply the foreign income tax offset against the Medicare levy and Medicare levy surcharge back to 1 July 2008;
- other proposed “miscellaneous amendments” include those concerning Public ancillary funds; Amending the definition of “tax preferred end user” in the ITAA 1997; and simplifying the process for future changes to the phase-out thresholds in the Income Tax Rates Act 1986.
Read the full article reporting the proposed changes in Issue 1 for 2013 of the Weekly Tax Bulletin. You can subscribe to Australia’s No 1 tax news service here.