SCHEDULE 1 to the Bill amends the ITAA 1997 to implement the 2011-12 Budget measure to disallow deductions against government assistance payments from 1 July 2011 ("the Anstis amendment"). These amendments apply from 1 July 2011.
SCHEDULE 2 to the Bill amends the ITAA 1997 to remove access to the trading stock exception to the CGT primary code rule for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity.
This measure applies after 7.30 pm (by legal time in the Australian Capital Territory) on 10 May 2011. Assets owned by a relevant entity and held as trading stock prior to that time can continue to be treated as trading stock of the entity. These amendments apply retrospectively from the time of announcement to promote certainty regarding the appropriate tax treatment of certain assets owned by a complying superannuation entity.
SCHEDULE 3 to the Bill amends the ITAA 1997 to 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. Date of effect: 6 February 2012.
SCHEDULE 4 to the Bill amends the ITAA 1936 to phase out, from 1 July 2012, the dependent spouse tax offset for taxpayers who maintain a dependent spouse born on or after 1 July 1952.
This Schedule also amends the ITAA 1936 so a taxpayer eligible for an amount of offset in respect of an invalid or carer spouse is not also entitled to the equivalent amount of dependent spouse tax offset as a component of their zone, overseas forces or overseas civilian tax offset.
The provisions in this Schedule apply from various dates. Extending the phase out of the dependent spouse tax offset will apply from 1 July 2012. Amendments to ensure that taxpayers who maintain a dependent spouse are not able to claim more than one offset in respect of the same spouse when calculating their zone, overseas forces or overseas civilian offset entitlement will apply from 1 July 2011.
SCHEDULE 5 to the Bill makes miscellaneous amendments to the taxation laws as part of the Government’s commitment to uphold the integrity of the taxation system.
Treasury has published the one submission that it received in relation to its Exposure Draft - Disallow Deductions Against Rebatable Benefits, released on 20 January 2012. It is accessible here
Treasury has published the three submissions that it received in relation to its Exposure Draft - Limiting the Trading Stock Exception for Superannuation Entities, released on 13 January 2012. They are accessible here