Bills introduced into the Parliament today will implement a range of improvements to Australia's taxation laws, said Assistant Treasurer David Bradbury.
Measures in Tax Laws Amendment (2012 measures no. 2) Bill 2012 and Tax Laws Amendment (2012 measures no. 3) Bill 2012 include:
- Provisions to strengthen the director penalty regime and extending it to cover superannuation obligations which protects workers' superannuation entitlements;
- Amendments to the taxation of financial arrangements and consolidation provisions;
- Making taxation of employment termination payments fairer by scaling back concessions for large termination payments that are not linked to hardship, such as 'golden handshakes' typically received by senior executives as part of their overall remuneration.
"The measures contained in these Bills implement a range of amendments that will improve Australia's taxation laws," said Mr Bradbury.