SCHEDULE 1 to the Bill amends the ITAA 1997 to ensure that certain integrity rules in the small business concessions and the scrip for scrip roll-over apply to life insurance companies, superannuation funds and trusts in the same way that they apply to other types of entities.
Schedule 1 to this Bill also ensures that these integrity rules (and the CGT provisions more generally) are applied as if absolutely entitled beneficiaries, bankrupt individuals, companies in liquidation and security providers are the owners of relevant assets. That is, under these provisions, the nominal owners are looked through to the underlying owners of such assets.
The integrity rule changes that affect the CGT provisions take effect for CGT events that happen after 7:30 pm on 10 May 2011. The look-through treatment provisions apply, to the extent they affect the CGT provisions, automatically from the commencement of these provisions and from the 2008-09 and later income years at the option of taxpayers.
SCHEDULE 2 to the Bill amends the ITAA 1997 to exempt from income tax the Disaster Income Recovery Subsidy for people who have lost income as a result of disasters occurring across Australia during the period 3 January 2013 to 30 September 2013. This measure applies to payments relating to disasters occurring during the period starting on 3 January 2013 and ending on 30 September 2013.
SCHEDULE 3 to the Bill adds a new general deductible gift recipient (DGR) category into the ITAA 1997. This measure extends tax deductibility to donations to public funds established solely for providing education in ethics in government schools in Australia as an alternative to religious instruction, where the ethics education to be provided is in accordance with State or Territory law.