02 Dec 09 2009 Budget Measures No 2 Bill and TFN Withholding Tax Bill await Royal Assent
On 2 December 2009, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009 and Income Tax (TFN Withholding Tax (ESS)) Bill 2009 were passed by the Senate without amendment.
The Bills amend:
- six Acts in relation to shares or rights granted under employee share schemes and impose a withholding tax on employees who have not quoted a TFN or ABN to their employer by the end of the income year in relation to employee share schemes;
- the ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to the application of the non-commercial losses rules for taxpayers with an adjusted taxable income of $250,000 or more; and
- the Superannuation (Unclaimed Money and Lost Members) Act 1999, Financial Transaction Reports Act 1988, ITAA 1997 and Taxation Administration Act 1953 to require superannuation providers to transfer the balance of certain lost members' accounts to the Commissioner of Taxation.
In a media release issued on the same day, the Assistant Treasurer, Senator Nick Sherry, welcomed the passage of the Tax Laws Amendment (2009 Budget Measures No 2) Bill 2009 through the Senate.
The Bills now await Royal Assent.
For a copy of the Minister's media release, No 2009/103, 2 December 2009, go here