On 25 February 2015, Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 was passed by the House of Representatives without amendment.
The Bill amends:
- ITAA 1997 and Taxation Administration Act 1953 to provide individuals with an option to be taxed on the earnings associated with their excess superannuation non concessional contribution at their marginal tax rate;
- the Inspector-General of Taxation Act 2003 and Ombudsman Act 1976 to transfer the tax investigative and complaint handling functions of the Commonwealth Ombudsman to the Inspector-General of Taxation and merge that function with the existing function of conducting systemic reviews;
- ITAA 1997 in relation to capital gains tax exemption for certain compensation or damages;
- ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to ensure that individuals whose superannuation benefits are involuntarily transferred from one superannuation plan to another plan are not disadvantaged through the transfer;
- the Taxation Administration Act 1953 to remove the need for a roll-over benefit statement to be provided to an individual whose superannuation benefits are involuntarily transferred; and allow taxation officers to record or disclose personal information in certain circumstances;
- ITAA 1936, ITAA 1997 and Taxation Administration Act 1953 to provide for an exploration development tax incentive for investment in small mineral exploration companies undertaking greenfields mineral exploration;
- ITAA 1936, Tax Agent Services Act 2009 and Taxation Administration Act 1953 to make consequential amendments; and
- 16 Acts to make technical amendments.
At the same time, Excess Exploration Credit Tax Bill 2014 was also passed without amendment.
The Bill now proceeds to the Senate.