15 Jun 11
2011 Measures No 2 Bill passes
On 15 June 2011 the Tax Laws Amendment (2011 Measures No 2) Bill 2011 passed the Senate without amendment, and now awaits the Royal Assent.
- updates the list of deductible gift recipients (DGRs)
- amends the Superannuation Industry (Supervision) Act 1993 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
- amends the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 to allow superannuation fund trustees and retirement savings account providers to use tax file numbers as a method of locating member accounts (with effect from 1 July 2011) and to facilitate the consolidation of multiple member accounts (with effect from 1 January 2012 or a date to be proclaimed)
- changes the current mechanism for ensuring Australian taxes and certain Australian fees and charges are not subject to GST, with effect from 1 July 2011, and
- makes technical corrections and other minor and miscellaneous amendments to the taxation laws.