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On 25 November 2009, Tax Laws Amendment (2009 Measures No 6) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the ITAA 1997 to repeal the exception to CGT events E1 and E2 widely known as the ‘trust cloning’ exception. Schedule 1 also provides a limited CGT roll-over for the transfer of assets between trusts with the same beneficiaries each of which has the same interests in each trust. Schedule 1 clarifies that a mere change of the trustee of a trust does not change the entity that is the trustee for the purposes of the ITAA 1997 and the A New Tax System (Goods and Services Tax) Act 1999. The amendments apply to CGT events happening on or after 1 November 2008.

SCHEDULE 2 to the Bill removes significant income tax impediments to mergers between complying superannuation funds by permitting the roll-over of capital losses and transfer of revenue losses (including losses realised under the merger and previously realised losses). The loss relief will be available for complying superannuation funds and approved deposit funds that merge with a complying superannuation fund with five or more members. The loss transfer and asset roll-over will preserve the offsetting value of the losses, thereby removing a potential barrier to superannuation fund consolidation. This measure is available for mergers that occur on or after 24 December 2008 and before 1 July 2011.

SCHEDULE 3 to the Bill amends the ITAA 1997 to clarify the circumstances in which income derived by life insurance companies in respect of immediate annuity business qualifies as non-assessable non-exempt income. The amendments to rewrite the annuity conditions apply from 1 July 2000. The amendments to ensure that the annuity conditions do not apply to immediate annuity policies that provide for superannuation income streams apply from the 2007-08 income year.

SCHEDULE 4 to the Bill amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) to include two new organisations and change the name of one organisation.

SCHEDULE 5 to the Bill amends the ITAA 1997 to ensure that the Income Recovery Subsidy for the North Western Queensland floods is not subject to income tax. This measure applies retrospectively to amounts received in the 2008-09 income year. The payment could be claimed after 24 February 2009.

SCHEDULE 6 to the Bill amends the Excise Act 1901 (the Excise Act) to deem the blending of spirits to produce spirit as excise manufacture for the purposes of the Excise Act. This legislation will apply from the date of Royal Assent.

For a copy of the Bill, go here

For a copy of the Explanatory Memorandum, go here


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