Taxation (Budget Measures) Act 2012

The Taxation (Budget Measures) Bill was introduced under urgency on 24 May 2012. On 25 May 2012, at the Committee of the Whole House stage, the Bill was split by Supplementary Order Paper No 31 into two amending acts: the Student Loan Scheme (Budget Measures) Amendment Act 2012 and the Taxation (Budget Measures) Act 2012. The resulting legislation was enacted on 29 May 2012.

The Taxation (Budget Measures) Act 2012.

• repealed the tax credits for income under $9,880 and the tax credit for childcare and housekeeper expenditure.
• replaced the tax credit for the active income of children with a limited tax exemption; an.
• legislated a change to the livestock valuation election rules.