24 Mar 11 2011 Measures No 2 Bill introduced
SCHEDULE 1 to the Bill amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) to make two entities DGRs, and change the name of another entity.
SCHEDULE 2 to the Bill amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) to permit the regulations to impose rules on self managed superannuation fund (SMSF) trustees that make, hold or realise investments involving collectables or personal use assets. These amendments apply in relation to investments made by an SMSF before, on or after 1 July 2011. The regulations may specify that the amendments apply to only some of these investments. The regulations may prescribe penalties for non-compliance with the rules set out in the regulations, not exceeding 10 penalty units.
This Schedule also amends the SIS Act to remove a reference to a provision that was repealed on 24 September 2007.
Date of effect: 1 July 2011.
SCHEDULE 3 to the Bill amends the SIS Act and the Retirement Savings Accounts Act 1997 to allow superannuation fund trustees and retirement savings account providers to use tax file numbers (TFNs):
- as a method of locating member accounts; and
- to facilitate the consolidation of multiple member accounts.
Date of effect: 1 July 2011 for the amendments to use TFNs to locate accounts, and 1 January 2012 or a date to be proclaimed for the consolidation amendments.
SCHEDULE 4 to the Bill amends:
- the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) to replace the current mechanism for ensuring Australian taxes, and certain Australian fees and charges are not subject to the goods and services tax with specific legislative exemptions;
- the GST Act to allow for the making of regulations to treat an Australian tax, or an Australian fee or charge in a particular way; and
- the A New Tax System (Luxury Car Tax) Act 1999 to account for changes being made to the GST Act.
Date of effect: These amendments apply from 1 July 2011.
SCHEDULE 5 to the Bill makes technical corrections and other minor and miscellaneous amendments to the taxation laws. These amendments are part of the Government’s commitment to the care and maintenance of the tax system.