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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:
As part of Budget 2012, changes were made to three tax credits that have become outdated - the income under $9,880 tax credit, the tax credit for childcare and housekeeper expenditure, and the tax credit for the active income of children. The first two credits were repealed while the last was replaced by a limited tax exemption.
As part of Budget 2012, the tax rules have been changed so that elections to use the herd scheme method are effectively irrevocable. This means that farmers using other valuation methods are able to elect into the herd scheme method, but once they have elected into it, they are generally unable to exit and change to another valuation method. For farmers that have elected out of the herd scheme method since 18 August 2011, their elections are ineffective.