Two tax-related bills were introduced as part of Budget 2014
Budget 2014 legislation amends parental tax credits, extends the period for paid parental leave, and abolishes cheque duty.
Two tax-related bills were introduced as part of Budget 2014.
The Budget Measures (Financial Support for Newborn Children) Bill, and the Budget Measures (Miscellaneous Fiscal Matters) Bill were introduced under urgency on 15 May 2014.
On 15 May 2014, at the committee of the whole House stage, the Budget Measures (Financial Support for Newborn Children) Bill was divided by Supplementary Order Paper No. 448 into the following two bills:
- the Taxation (Parental Tax Credit) Bill, and
- the Parental Leave and Employment Protection Amendment Bill (No 2).
The Budget Measures (Miscellaneous Fiscal Matters) Bill was divided by Supplementary Order Paper No. 451 into the following three bills:
- the Cheque Duty Repeal Bill
- the Climate Change Response (Unit Restriction) Amendment Bill, and
- the Dumping and Countervailing Duties Amendment Bill.
The resulting bills received Royal assent on 19 May 2014.
The Taxation (Parental Tax Credit) Act 2014 increases the maximum amount of the parental tax credit to $220 per week for the first 10 weeks following birth, for babies born on or after 1 April 2015. The abatement formula for the parental tax credit was also changed, so that it is abated against each dollar of family income earned, above the annual threshold, over the entire year.
The Parental Leave and Employment Protection Amendment Act 2014 extended the period of paid parental leave from 14 to 16 weeks, from 1 April 2015 and then to 18 weeks from 1 April 2016.
The Cheque Duty Repeal Act 2014 abolished cheque duty, with effect from 1 July 2014.