Treasury Laws Amendment (Refining and Improving Our Tax System) 2023

✦ Plain-English Summary

# Treasury Laws Amendment (Refining and Improving Our Tax System) Bill 2023

## What it does
This is a catch-all tax bill that makes five separate tweaks to Australia's tax system. It updates a tax agreement with Iceland, gives special tax breaks to some Future Fund subsidiaries, reforms how charities get registered for tax purposes, aligns how excise and customs taxes are reported, and allows small breweries to repackage beer into smaller containers without extra tax complications.

## Why it matters
Most of these changes are technical housekeeping that won't affect everyday Australians directly. The main practical impact is on charities (which get clearer registration rules), breweries (which get minor relief), and Australia's relationship with Iceland (for people or businesses with cross-border tax dealings there).

## Key details
- **Charities**: The bill overhauls how environmental, cultural, harm-prevention, and overseas aid organisations get registered for tax-deductible status—giving clearer rules for who qualifies
- **Timing**: Most changes kick in immediately or by July 2023, except the charity reforms which take effect 6 months after the bill receives Royal Assent
- **Who's affected**: Mainly charities, small breweries, international businesses dealing with Iceland, and the Future Fund Board's subsidiaries—most regular taxpayers won't notice

Official Description

Amends the: International Tax Agreements Act 1953 to: give legislative authority to the Convention between Australia and Iceland for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and make minor amendments to update various notes; Income Tax Assessment Act 1997 to: exempt certain subsidiaries of the Future Fund Board from income tax and include them as entities eligible for a refund of a tax offset relating to a franked distribution; and transfer administration of three register deductible gift recipient categories and the Overseas Aid Gift Deduction Scheme to the Commissioner of Taxation; Customs Act 1901 and Excise Act 1901 to enable an eligible business entity liable for excise duty for excisable goods or customs duty for excise-equivalent goods, being fuel and alcohol, to align their excise returns and customs returns with the return period for other indirect taxes which are separately lodged through a business activity statement; Excise Act 1901 to provide that the repackaging of beer that would otherwise be excise manufacture is not taken to be the manufacture of beer if it meets certain requirements; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

Committee Referrals

Senate Economics Legislation Committee

Full bill PDF →APH page →

Audit History

Introduced

22 Mar 2023

Last updated on APH

10 Apr 2026

Outcome date

28 June 2023

Last checked by Crossbench

yesterday

Full text indexed

yesterday

🗳️

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

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