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Bills of the current Parliament

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Treasury Laws Amendment (2018 Measures No. 1) Bill 2018


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Income Tax Assessment Act 1997, Small Superannuation Accounts Act 1995, Superannuation Guarantee (Administration) Act 1992 and Superannuation (Unclaimed Money and Lost Members) Act 1999 to enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition; Corporations Act 2001 to modify the notification and reporting obligations applying to certain corporations that have property in receivership or property in respect of which a controller is acting; Income Tax Assessment Act 1997, Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 and Tax Laws Amendment (2009 Measures No. 6) Act 2010 to extend tax relief for merging superannuation funds until 1 July 2020; Australian Prudential Regulation Authority Act 1998 to enable the Treasurer to take into account the ongoing cost of governing and maintaining the superannuation transaction network in determining the share of levy money that is payable to the Commonwealth; Retirement Savings Accounts Act 1997 and Superannuation Industry (Supervision) Act 1993 to transfer the regulator role for early release of superannuation benefits on compassionate grounds from the Chief Executive Medicare to the Commissioner of the Australian Taxation Office (ATO); and Taxation Administration Act 1953, A New Tax System (Goods and Services Tax) Act 1999 and Income Tax Assessment Act 1997 to require purchasers of new residential premises and subdivisions of potential residential land to make a payment of part of the purchase price to the ATO. Also amends 13 Acts, and repeals seven Acts, to remove inoperative and spent provisions; and amends seven Acts to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 07/02/18  
Second reading moved 07/02/18  
Second reading debate 27/02/18  
Second reading agreed to 27/02/18  
Third reading agreed to 27/02/18  
     
Senate
Introduced and read a first time 19/03/18  
Second reading moved 19/03/18  
Second reading debate 28/03/18  
Second reading agreed to 28/03/18  
Third reading agreed to 28/03/18  
     
Finally passed both Houses 28/03/18  
Assent 29/03/18 Act no: 23 - Year: 2018
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Considered by scrutiny committee (14/02/2018): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 3 of 2018
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)