Parliament resumes for 2022: Status of 2021 tax and superannuation bills

Parliament is about to resume on 8 February 2022. This article lists some key tax and superannuation proposed measures which were introduced into Parliament during 2021 and are awaiting passage through Parliament. The article also lists key tax and superannuation bills which were enacted in 2021.

Parliament last sat on 2 December 2021. During 2021, 181 bills were initiated in the House of Representatives (including 20 received from the Senate).

The scheduled 2022 Parliamentary sitting dates are available here.

Proposed measures before Parliament — tax

Proposed measure Proposed start date Bill Status
Extend TPRS to the sharing economy (incl. ride-sourcing and short-term accommodation) 1 July 2022 for ride sourcing and accommodation; 1 July 2023 for all other reportable transactions Treasury Laws Amendment (2021 Measures No. 7) Bill 2021 Before the Senate
Remove the $250
non-deductible threshold for work-related self-education expenses
From the 2022–23 income year (and the FBT year commencing 1 April 2023)
Extend loss carry back by 12 months Up to the 2022–23 income year Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 Before the House of Representatives

Proposed measures before Parliament — superannuation

Proposed measure Proposed start date Bill Status
Superannuation guarantee — remove the $450 threshold 1 July 2022

 

Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 Before the House of Representatives
Downsizer contributions age reduced to 60 1 July 2022
Work test change for individuals between 67 and 75 1 July 2022

 

Choice of method to calculate exempt current pension income From the 2021–22 income year
Extend temporary full expensing regime to 30 June 2023 Until 30 June 2023

Measures enacted in 2021 — tax

Enacted measure Start date Act Royal Assent
Disclosure of JobKeeper payments by listed entities Within 60 days of 14 September 2021 or lodgment of financial reports Treasury Laws Amendment (2021 Measures No. 2) Act 2021 13 September 2021
Increase Medicare levy and Medicare levy surcharge income thresholds 2020–21 income year Treasury Laws Amendment (2021 Measures No. 3) Act 2021 29 June 2021
FBT exemption for redundant employees Benefits provided on or after 2 October 2020 Treasury Laws Amendment (2021 Measures No. 4) Act 2021 30 June 2021
CGT exemption for granny flats CGT events on or after 1 July 2021
LMITO extended to 2021–22 2021–22 income year
Tax-free treatment of certain COVID-19 small business grants extended to 2021–22 Eligible grants in 2020–21 or 2021–22 income years Treasury Laws Amendment (COVID-19 Economic Response) Act 2021 30 June 2021
COVID-19 payments received by eligible businesses are NANE income Income years ending on or after 1 July 2021 Treasury Laws Amendment (COVID-19 Economic Response No. 2) Act 2021 10 August 2021
COVID-19 disaster payments to individuals are NANE income 2020–21 and later income years

Measures enacted in 2021 — superannuation

Enacted measure Start date Act Royal Assent
Choice of fund — single default account Employment starting on or after 1 July 2021 Treasury Laws Amendment (Your Future, Your Super) Bill 2021 22 June 2021
Bring forward non-concessional contributions cap cut-off age to 67 years Contributions on or after 1 July 2020 Treasury Laws Amendment (More Flexible Superannuation) Act 2021 22 June 2021
Excess concessional contributions (ECC) charge repealed 1 July 2021
Allow re-contributions of COVID-19 early release amounts Re-contributions between 1 July 2021 and 30 June 2030
Increases the SMSF membership limit from four to six 1 July 2021 Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021 22 June 2021

Further info and training

For up to date information about the status of the proposed measures, and bills to be introduced in 2022, join us for a Tax Update training session.

We hold regular Online Tax Updates the first Tuesday of each month – group discounts are available and all registrants receive a recording of the session. Click here for further info or to view our 2022 schedule.

You can also join us at one of our 16 nationally-presented Public Sessions. Each 2 hour Public Session consists of a general tax update, along with a specialty topic. Click here to find the session closest to you and to register.

 

Our mission is to offer flexible, practical and modern tax training across Australia – you can view all of our services by clicking here.