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26 Feb 14 2014 Measures No 1 Bill introduced into Parliament

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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