MPs rise leaving business undone

A complex tax bill is among the casualties of the dissolution of Parliament for the election on September 17. Whether it proceeds will now depend on the makeup of the new Parliament.

The Taxation (Depreciation, Payment Dates Alignment, FBT and Miscellaneous Provisions) Bill made a number of changes designed to make tax-paying easier for small business.

Other bills of interest to business held over include the Climate Change Response Amendment Bill, the Employment Relations (Flexible Working Hours) Bill, the Energy Safety Review Bill, the Hazardous Substances and New Organisms (Approvals and Enforcement) Amendment Bill, the Marine Reserves Bill, the Protected Objects Amendment Bill, the Rail Network Bill and the Securities Legislation Bill.

Four bills introduced in the final weeks and still waiting for first readings also are held over: they licence immigration agents, align standards setting and testing accreditation with international and Australian practice, ban email spam and extend parental leave to self-employed mothers.

The tax bill allows businesses to align GST and provisional tax dates, as well as base provisional tax on GST assessments. It raises the threshold above which an item must be depreciated as an asset over time - instead of being fully expensed on purchase - from $200 to $500. It introduces more flexibility and higher thresholds on fringe benefit tax rules and introduces a subsidy framework for payroll intermediaries.

The bill also changes depreciation rates to favour short-term productivity-related investment over buildings.

The Energy Safety Review Bill introduces controversial new registration procedures for electricians, plumbers, gasfitters and drainlayers.

Also controversial is the bill on flexible working hours. Although a Green bill, it has considerable support in the labour movement and the Labour Party.

It would allow employees with young and dependent children to ask an employer for part-time or flexible working hours - and require an employer to consider the request seriously.

The hazardous substances amending bill is contentious too. It was promoted as reducing compliance costs by allowing substances of similar type, use or risks to be grouped for approval automatically if an item fits the group.

The Securities Legislation Bill tightens regulations covering security holders' disclosures of interests (so as to better identify substantial security holders) and market manipulation. It also tightens rules on insider trading (through a regime similar to Australia's) and disclosure by investment advisers and investment brokers.

The Climate Change Response Amendment Bill, among other things, sets up a mechanism to allow landowners to access the value of carbon from newly established permanent forest sinks.