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19 Mar 13 2012 Measures No 6 Bill passed by House

On 18 March 2013, Tax Laws Amendment (2012 Measures No 6) Bill 2012 was passed by the House of Representatives without amendment.

The Bill amends:

  • ITAA 1936 and ITAA 1997 to clarify that native title benefits are not subject to income tax (including capital gains tax);
  • ITAA 1997 to update the list of deductible gift recipients; extend the immediate deductibility of exploration and prospecting expenditure provided to mining and petroleum explorers to geothermal energy explorers; and clarify that the definition of 'limited recourse debt' includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt;
  • Tax Laws Amendment (2011 Measures No 5) Act 2011 to extend the interim streaming rules for managed investment trusts until the end of the 2013-14 financial year;
  • ITAA 1936 to apply an income test to the rebate for medical expenses from 1 July 2012;
  • Fringe Benefits Tax Assessment Act 1986 to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements; and
  • Retirement Savings Accounts Regulations 1997, Superannuation Industry (Supervision) Regulations 1994 and five Acts to make technical amendments.

The Bill now proceeds to the Senate.

 


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