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Tax and Superannuation Laws Amendment (2014 Measures No. 7) 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. 7) 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............ Schedules............................................................................................ 4

4............ Amendment of assessments................................................................ 4

Schedule 1—Excess non-concessional superannuation contributions tax reforms             5

Income Tax Assessment Act 1997                                                                               5

Taxation Administration Act 1953                                                                          12

Schedule 2—Transferring tax investigation function to Inspector-General of Taxation                25

Part 1—Main amendments                                                                                        25

Inspector-General of Taxation Act 2003                                                               25

Ombudsman Act 1976                                                                                                38

Part 2—Other amendments                                                                                       41

Income Tax Assessment Act 1936                                                                             41

Tax Agent Services Act 2009                                                                                    41

Taxation Administration Act 1953                                                                          41

Part 3—Application and transitional provisions                                             43

Schedule 3—CGT exemption for compensation and insurance               45

Income Tax Assessment Act 1997                                                                             45

Schedule 4—Providing certainty for superannuation fund mergers    48

Part 1—Main amendments                                                                                        48

Income Tax Assessment Act 1997                                                                             48

Income Tax (Transitional Provisions) Act 1997                                                   50

Taxation Administration Act 1953                                                                          51

Part 2—Other amendments                                                                                       52

Income Tax Assessment Act 1997                                                                             52

Schedule 5—Disclosing tax information relating to proceeds of crime orders      54

Taxation Administration Act 1953                                                                          54

Schedule 6—Exploration development incentive                                               55

Part 1—Main amendments                                                                                        55

Income Tax Assessment Act 1997                                                                             55

Part 2—Other amendments                                                                                       75

Income Tax Assessment Act 1936                                                                             75

Income Tax Assessment Act 1997                                                                             78

Taxation Administration Act 1953                                                                          80

Part 3—Repeal of Division 418                                                                              83

Income Tax Assessment Act 1936                                                                             83

Income Tax Assessment Act 1997                                                                             84

Taxation Administration Act 1953                                                                          85

Part 4—Application and saving provisions                                                       87

Division 1—Application of amendments                                                               87

Division 2—Savings provisions relating to repeal of Division 418                    87

Schedule 7—Miscellaneous amendments                                                                90

Part 1—Amendments commencing on the day after this Act receives the Royal Assent               90

A New Tax System (Goods and Services Tax) Act 1999                                       90

Excise Act 1901                                                                                                           91

Income Tax Assessment Act 1936                                                                             91

Income Tax Assessment Act 1997                                                                             91

Income Tax (Transitional Provisions) Act 1997                                                   93

Petroleum Resource Rent Tax Assessment Act 1987                                            93

Retirement Savings Accounts Act 1997                                                                  93

Superannuation Act 2005                                                                                         94

Superannuation Guarantee (Administration) Act 1992                                     94

Superannuation Industry (Supervision) Act 1993                                               94

Superannuation (Productivity Benefit) Act 1988                                                95

Taxation Administration Act 1953                                                                          95

Part 2—Other amendments                                                                                       97

Petroleum Resource Rent Tax Assessment Act 1987                                            97

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012     97

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012            97

Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 98

Tax Laws Amendment (2013 Measures No. 2) Act 2013                                     98

 



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. 7) 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

Provisions

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 2

The later of:

(a) the 14th day after this Act receives the Royal Assent; and

(b) 1 May 2015.

 

4.  Schedule 3

The day after this Act receives the Royal Assent.

 

5.  Schedule 4

1 July 2015.

1 July 2015

6.  Schedule 5

The day after this Act receives the Royal Assent.

 

7.  Schedule 6, items 1 to 20

The day this Act receives the Royal Assent.

 

8.  Schedule 6, item 21

The later of:

(a) immediately after the commencement of the provisions covered by table item 1; and

(b) immediately after the commencement of Schedule 4 to the Treasury Legislation Amendment (Repeal Day) Act 2014 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

9.  Schedule 6, item 22

The day this Act receives the Royal Assent.

 

10.  Schedule 6, item 23

The later of:

(a) immediately after the commencement of the provisions covered by table item 1; and

(b) immediately after the commencement of Part 2 of Schedule 2 to the Treasury Legislation Amendment (Repeal Day) Act 2014 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

11.  Schedule 6, items 24 to 37

The day this Act receives the Royal Assent.

 

12.  Schedule 6, Part 3

1 July 2020.

1 July 2020

13.  Schedule 6, Part 4, Division 1

The day this Act receives the Royal Assent.

 

14.  Schedule 6, Part 4, Division 2

1 July 2020.

1 July 2020

15.  Schedule 7, Part 1

The day after this Act receives the Royal Assent.

 

16.  Schedule 7, item 44

Immediately after the commencement of Schedule 3 to the Petroleum Resource Rent Tax Assessment Amendment Act 2012 .

1 July 2012

17.  Schedule 7, items 45 and 46

Immediately after the commencement of Division 3 of Part 1 of Schedule 4 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 .

29 November 2012

18.  Schedule 7, items 47 and 48

Immediately after the commencement of Part 2 of Schedule 4 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 .

29 November 2012

19.  Schedule 7, items 49 and 50

Immediately after the commencement of item 42 of Schedule 3 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 July 2013

20.  Schedule 7, item 51

The day after this Act receives the Royal Assent.

 

21.  Schedule 7, item 52

Immediately after the commencement of item 11 of Schedule 1 to the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 .

28 June 2013

22.  Schedule 7, items 53 and 54

Immediately after the commencement of item 34 of Schedule 2 to the Tax Laws Amendment (2013 Measures No. 2) Act 2013 .

11 July 2013

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   Schedules

                   Legislation 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.

4   Amendment of assessments

                   Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:

                     (a)  the assessment was made before the commencement of Schedule 3 (about CGT exemption for compensation and insurance) to this Act; and

                     (b)  the amendment is made for the purpose of giving effect to that Schedule; and

                     (c)  the amendment is made within 2 years after the day that Schedule commences.

Note:          The 2-year period in paragraph (c) can be extended (see section 170A of the Income Tax Assessment Act 1936 ).