On 23 June 2010, Tax Laws Amendment (2010 Measures No 3) Bill 2010 was passed by the House of Representatives with 20 Government amendments. A Supplementary Explanatory Memorandum was presented to the House.
The Bill amends the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to freeze indexation of the co-contribution income threshold for the 2010-11 and 2011-12 financial years; and maintain the current matching rate and maximum co-contribution payable on an individual’s eligible superannuation contributions; amends the ITAA 1997 to modify the thin capitalisation rules in relation to the application of accounting standards for authorised deposit-taking institutions; amends the Taxation Administration Act 1953 to enable certain officers to declare that a specified entity is not subject to Commonwealth tax law in relation to a specified transaction; amends the ITAA 1936 and ITAA 1997 to provide that unexpended income of a special disability trust is taxed at a certain rate; and amends the Taxation Administration Act 1953 and ITAA 1997 in relation to managed investment trusts and withholding tax.
The amendments relate to changes to the definition of a managed investment trust, as announced by the Assistant Treasurer in media release No 2010/136, 21 June 2010.
The Bill was introduced into the Senate on 24 June 2010, when it was passed without amendment.
The Bill now awaits Royal Assent.
In media release No 2010/141, issued 24 June 2010, the Assistant Treasurer, Senator Nick Sherry commented on the passage of the amendments to the definition of a Managed Investment Trust.