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24 Jun 099 2009 Budget Measures No 1 Bill awaits Royal Assent

On 24 June 2009, the Senate passed Tax Laws Amendment (2009 Budget Measures No 1) Bill 2009 without amendments.

The Bill amends:

  • ITAA 1936 to exempt from income tax foreign employment income derived by an Australian resident employed as an aid worker, a charitable worker, a defence or police deployment, and activities prescribed by regulation
  • Superannuation (Government Co-Contribution for Low Income Earners) Act 2003 to temporarily reduce the matching rate and maximum co-contribution payable on individual eligible personal superannuation contributions; and
  • ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to reduce the caps on concessional superannuation contributions and transitional concessional superannuation contributions.
The Bill now awaits Royal Assent.

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