On 18 June 2012, the Senate passed Tax Laws Amendment (2012 Measures No 1) Bill 2012 without amendment.
The Bill amends the Income Tax Assessment Act 1997 to:
- ensure that expenses incurred in gaining or producing a rebatable benefit are not deductible;
- provide that complying superannuation entities cannot account for gains and losses on certain assets on revenue account using the trading stock exception;
- exempt from income tax ex-gratia payments to New Zealand non-protected special category visa holders for the floods that occurred in New South Wales and Queensland in early 2012.
The Bill amends Income Tax Assessment Act 1936 to commence the phase out of the dependent spouse tax offset by restricting eligibility for the offset to taxpayers with a dependent spouse born before 1 July 1952.
Finally, the Bill amends Income Tax Assessment Act 1997, Minerals Resource Rent Tax Act 2012, and Taxation Administration Act 1953 to make technical amendments relating primarily to the minerals resource rent tax.
The Bill now awaits Royal Assent.