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Tax and Superannuation Laws Amendment (2014 Measures No. 1) Bill 2014

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Tax and Superannuation Laws Amendment (2014 Measures No. 1) Bill 2014

 

No.      , 2014

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Unlawful payments from regulated superannuation funds                3

Superannuation Industry (Supervision) Act 1993                                                 3

Schedule 2—Administrative directions and penalties for contraventions relating to self managed superannuation funds                                                                             5

Superannuation Industry (Supervision) Act 1993                                                 5

Taxation Administration Act 1953                                                                          15

Schedule 3—Phase-out of rebate for medical expenses                                 16

Part 1—Main amendments                                                                                        16

Income Tax Assessment Act 1936                                                                             16

Part 2—Consequential amendments                                                                     18

Fringe Benefits Tax Assessment Act 1986                                                              18

Income Tax Assessment Act 1936                                                                             20

Income Tax Assessment Act 1997                                                                             20

Schedule 4—Deductible gift recipients                                                                     22

Part 1—Amendments commencing on Royal Assent                                  22

Income Tax Assessment Act 1997                                                                             22

Part 2—Sunsetting on 17 December 2018                                                        23

Income Tax Assessment Act 1997                                                                             23

 



A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

The day this Act receives the Royal Assent.

 

3.  Schedule 2

1 July 2014.

1 July 2014

4.  Schedule 3, Part 1

The day this Act receives the Royal Assent.

 

5.  Schedule 3, Part 2, item 2

The day this Act receives the Royal Assent.

 

6.  Schedule 3, Part 2, items 3 to 8

1 July 2019.

1 July 2019

7.  Schedule 4, Part 1

The day this Act receives the Royal Assent.

 

8.  Schedule 4, Part 2

17 December 2018.

17 December 2018

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.