[lwptoc]
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 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 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
|
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| 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 |
| 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 |
| 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 |
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.
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