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On 26 February 2014, Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was introduced into Parliament. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill introduces penalties to deter and penalise persons who promote illegal early release schemes from regulated superannuation funds. These amendments apply to actions that occur after Royal Assent.

SCHEDULE 2 to the Bill introduces administrative directions and penalties for contraventions relating to self managed superannuation funds (SMSFs) including:

  • rectification directions;
  • education directions; and
  • administrative penalties.

These amendments apply to contraventions that occur on or after 1 July 2014.

SCHEDULE 3 to the Bill amends the ITAA 1936 to phase-out the net medical expenses tax offset by the end of the 2018-19income year. During the income years 2013-14 to 2018-19 the tax offset will be subject to transitional arrangements.

These amendments will apply from 1 July 2013 with the transitional arrangements and the tax offset ceasing on 1 July 2019.

SCHEDULE 4 to the Bill amends the ITAA 1997 to update the list of specifically-listed deductible gift recipients.

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