21 Jun 13 Progress of legislation
The following Bills were passed by the House of Representatives on 20 June 2013, without amendments, and will move to the Senate:
- Tax Laws Amendment (2013 Measures No 3) Bill 2013 – amends the Tax Agent Services Act 2009 (Cth) to bring entities that give tax advice in the course of giving advice that is usually provided by financial services licensees within the regulatory regime administered by the Tax Practitioners Board
- Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 – amends the ITAA 1997 and the TAA 1953 in relation to the treatment of individuals with excess concessional contributions
- Superannuation (Excess Concessional Contributions Charge) Bill 2013 – imposes an excess concessional contributions charge on individuals with excess concessional contributions.
The following Bill was passed by the House of Representatives on 20 June 2013, with amendments, and will move to the Senate:
- Superannuation Laws Amendment (Mysuper Capital Gains Tax Relief and Other Measures) Bill 2013 – amends the ITAA 1997 to provide income tax relief to superannuation funds where there is a mandatory transfer of default members’ account balances to a MySuper product in another superannuation fund.
The following Bill was passed by the Senate on 20 June 2013, without amendments:
- Tax Laws Amendment (Medicare Levy) Bill 2013 – increases the Medicare levy low-income threshold amounts for families and the dependent child-student component of the threshold from the 2012-2013 financial year.