Taxation of income for an individual’s fame or image, closes on 31 January 2019

The Government is seeking comments from interested parties on its proposed approach to implementing the 2018-19 Budget measure: Tax Integrity — taxation of income for an individual’s fame or image, which will apply from 1 July 2019. The measure aims to ensure that all remuneration (including payments and non-cash benefits) provided for the commercial exploitation of a person’s fame or image will be included in the assessable income of that individual. The Government is committed to improving the integrity of the tax system by ensuring that high profile individuals are not able to take advantage of lower tax rates by licensing their fame or image to another entity.

Interested parties are invited to comment on the application and broad principles outlined in this consultation paper. Feedback received will feed into the development of legislation required to implement this measure, helping to ensure it operates appropriately and achieves its policy objectives.

Interested parties are invited to comment on this consultation.

Reforming the Petroleum Resource Rent Tax, closes on 15 January 2019

On 2 November 2018, the Treasurer announced a package of measures to ensure that the Petroleum Resource Rent Tax (PRRT) better reflects Australia’s petroleum industry.

The Government has released for public consultation exposure draft legislation and explanatory material giving effect to the measures that change the uplift rates and remove onshore projects from the PRRT.

Interested parties are invited to comment on this consultation.

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