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27 May 09 2009 Budget Measures No 1 Bill introduced

On 27 May 2009 the Tax Laws Amendment (2009 Budget Measures No 1) Bill 2009 was introduced into the House of Representatives. The Bill makes a range of amendments to tax laws that were announced in the 2009-2010 Budget. The following is extracted from the Explanatory Memorandum which accompanies the Bill.

SCHEDULE 1 to the Bill amends s 23AG ITAA 1936, to limit its scope to foreign employment income derived by Australian resident individuals only in specific circumstances. This measure will take effect from 1 July 2009.

SCHEDULE 2 to the Bill will amend the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to reduce the matching rate and maximum co-contribution for eligible personal superannuation contributions made in the 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14 income years. The matching rate and maximum co-contribution will revert back to the levels of the 2008-09 income year in the 2014-15 income year and for later income years. This measure will take effect for the 2009-10 and later income years.

SCHEDULE 3 to the Bill will amend the ITAA 1997 to reduce the concessional contributions cap to $25,000 per annum (indexed) from the 2009-10 financial year. The reduced cap will apply to all concessional superannuation contributions made in the 2009-10 and later financial years. Schedule 3 will also amend the Income Tax (Transitional Provisions) Act 1997 to reduce the transitional concessional contributions cap (applicable to individuals aged 50 and over) to $50,000 per annum (not indexed) for the 2009-10, 2010-11 and 2011-12 financial years.

For copies of the Bill and the Explanatory Memorandum go here.

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