Fast-tracked tax bill passes

Parliament last night passed legislation introduced in November in the Taxation (Annual Rates and Urgent Measures) Bill. It removes interest on student loans for most borrowers, introduces an amnesty on student loan penalties for certain borrowers who live overseas, and boosts income assistance for working families. The changes will apply from 1 April 2006.

Changes later added to the bill removed financial incentives to claim refunds of overpayments of student loans from 30 November, and enabled New Zealand wine producers who export to Australia to have access to Australia's wine equalisation tax rebate.