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On 20 March 2013, Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced into Parliament.

The following is an extract from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the ITAA 1997 to define 'documentary'. It also clarifies that the exclusion of light entertainment programs from eligibility for the film tax offsets does extend to game shows.

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 ex-Tropical Cyclone Oswald and related flooding in Queensland. It also exempts from income tax the ex-gratia payment for eligible New Zealand special category visa holders, equivalent to the Australian Government Disaster Recovery Payment, made in relation to the natural disasters occurring across Australia during the 2011-12 and 2012-13 financial years.

SCHEDULE 3 to the Bill amends the GST law to enable entities that are paying their GST by instalments, and that subsequently move into a net refund position, to continue to pay their GST by instalments if they choose to do so. This addresses an issue in the current law which leads to otherwise eligible entities being excluded from the GST instalment system when they move into a net refund position and therefore lose the compliance cost advantages of submitting their Business Activity Statements (BAS) annually.

SCHEDULE 4 to the Bill amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) by adding six entities as DGRs.

SCHEDULE 5 to the Bill amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) to expand the duties of trustees of particular superannuation funds to establish and implement procedures to consolidate accounts where a member of the fund has multiple accounts within a fund and consolidation is in the member’s best interest.

SCHEDULE 6 to the Bill amends the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make changes to the superannuation co-contribution.

SCHEDULE 7 to the Bill amends:

  • the ITAA 1997 to create a new consolidated dependency tax offset for taxpayers maintaining certain classes of dependants who are genuinely unable to work;
  • the ITAA 1936 to preserve the existing dependency tax offsets for taxpayers eligible for the zone, overseas forces and overseas civilian tax offsets; and
  • the ITAA 1936 to reflect the impact of the consolidation of the dependency tax offsets on the net medical expenses tax offset.

SCHEDULE 8 to the Bill amends Division 230 of ITAA 1997 and the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 to clarify and refine the operation of certain aspects of the Taxation of Financial Arrangements (TOFA) regime.

In media release No 2013/035, issued 20 March 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on a number of aspects of the Bill.

In media release No 2013/014, issued 20 March 2013, the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, Bill Shorten, commented on the changes that expand the duties of superannuation fund trustees to implement procedures to consolidate accounts where they hold multiple accounts for the same member and consolidation is in the member's best interest.


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