SCHEDULE 1 to the Bill amends the ITAA1997 to allow taxpayers to claim a deduction (in limited circumstances) or recognise for CGT purposes an amount misappropriated by an employee or agent. These amendments apply to amounts misappropriated in the 2007-08 and later years of income.
SCHEDULE 2 to the Bill amends the Superannuation Guarantee (Administration) Act 1992 to extend the period within which an employer can make a contribution - after the due date - and still be eligible to use the late payment offset to reduce their superannuation guarantee (SG) charge liability. These amendments apply from the date of Royal Assent.
SCHEDULE 3 to the Bill amends the ITAA 1997 so that the market value substitution rule in section 116-30 does not apply when capital gains tax (CGT) event C2 occurs in relation to interests in certain companies and trusts: These amendments apply to CGT events happening during and after the 2006-07 income year.
SCHEDULES 4 and 5 provide for specific exemptions while SCHEDULE 6 amends the ITAA 1997 to update the list of deductible gift recipients (DGRs).
In a media release issued on 20 March 2008, the Treasurer, Wayne Swan, commented on the terms of the Bill.
In a media release issued on 20 March 2008, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, commented on the provisions of Schedule 2 of the Bill. "These changes mean employers will not have to pay the same amount twice,’’ Senator Sherry said.
For a copy of the Bill, go here
For a copy of the EM, go here
For a copy of the Treasurer's media release, No 2008/015, go here
For a copy of the Senator's media release, No 2008/014, go here