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On 25 November 2014, Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Representatives without amendment.

The Bill amends:

  • ITAA 1997 to extend the existing business restructure roll overs available where a member of a company or unitholder in a unit trust can defer the income tax consequences of transactions that occur in the course of a business restructure;
  • ITAA 1997 and Taxation Administration Act 1953 to ensure that foreign pension funds can access the managed investment trust withholding tax regime and the associated lower rate of withholding tax on income from eligible Australian investments;
  • ITAA 1936 to provide an exemption from tax on income derived by certain entities engaged by the Government of the United States of America in connection with Force Posture Initiatives in Australia;
  • Fuel Tax Act 2006 and Energy Grants (Cleaner Fuels) Scheme Regulations 2004 to ensure that changes to the amount of excise and excise-equivalent customs duty payable as a result of tariff proposals are taken into account in calculating fuel tax credits and the cleaner fuels grant for biodiesel and renewable diesel; and
  • five Acts to make consequential and technical amendments.

The Bill now proceeds to the Senate.

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