On 22 October 2019, the House of Representatives agreed to the Senate amendments to the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No 1) Bill 2019. The Bill has now passed all stages and awaits Royal Assent.
The Bill contains a number of measures, including:
- improving the integrity of the superannuation guarantee (SG) by removing the ability for salary sacrifice contributions to reduce an employer’s SG contributions. This measure will come into effect on 1 January 2020.
- removing the ability to claim tax deductions for outgoings in relation to vacant land. The change will not apply to land that is used or held available for use by a business by the taxpayer or certain parties that have a relationship or connection with the taxpayer. This measure will come into effect from 1 July 2019.