26 Nov 12 CGT and Auditor Super Bills await Royal Assent
On 22 November 2012, Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 were passed by the Senate without amendment.
Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 amends:
- the ITAA 1997 and Tax Laws Amendment (2009 Measures No 6) Act 2010 to reinstate the temporary loss relief for merging superannuation funds with certain modifications;
- the Superannuation Industry (Supervision) Act 1993 and Taxation Administration Act 1953 to introduce a registration regime for auditors of self-managed superannuation funds;
- the Taxation Administration Act 1953 to expand the information required to be reported by superannuation providers to the Commissioner of Taxation;
- the Superannuation Industry (Supervision) Act 1993 and Retirement Savings Accounts Act 1997 to facilitate the electronic transmission of payments and associated information between certain funds, schemes and providers by providing for a register to be kept by the Commissioner of Taxation; and
- five Acts to make technical amendments in relation to eligible superannuation entities.
Superannuation Auditor Registration Imposition Bill 2012 imposes fees on certain matters to recover the costs of establishing the self-managed superannuation fund auditor registration regime.
The Bills now await Royal Assent.
In media release No 2012/080, issued 22 November 2012, the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, Bill Shorten, commented on the passage of the bills.