11 Mar 1010 2009 Measures No 6 Bill awaits Royal Assent
On 11 March 2010, the Senate passed Tax Laws Amendment (2009 Measures No 6) Bill 2009 without amendment.
The Bill amends ITAA 1997 to:
- remove the capital gains tax trust cloning exception; provide a limited capital gains tax roll-over for the transfer of certain assets between trusts with the same beneficiaries;
- allow the roll-over of capital losses and transfer of revenue losses when complying superannuation funds merge; and
- update the list of deductible gift recipients.
The Bill also amends ITAA 1997, Tax Laws Amendment (2006 Measures No 2) Act 2006 and Superannuation Legislation Amendment (Simplification) Act 2007 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 Bill also amends ITAA 1936 and ITAA 1997 to provide that the Income Recovery Subsidy for the North Western Queensland floods is not subject to income tax.
The Bill now awaits Royal Assent.