Tax Laws Amendment (2013 Measures No 1) Bill 2013 was passed by the House of Representatives without amendment.
The Bill amends ITAA 1997:
- to ensure that the small business connected entity test and the capital gains tax scrip for scrip roll-over stakeholder tests apply appropriately;
- exempt from income tax Disaster Income Recovery Subsidy payments made in relation to natural disasters which occurred during 3 January to 30 September 2013; and
- add a new general category to the list of deductible gift recipients (DGRs).
The Bill now proceeds to the Senate.