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20 Sep 12 Super CGT Relief and Other Measures Bill and Super Auditor Registration Bill introduced

On 19 September 2012, the following two Bills were introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 amends ITAA 1997 and Tax Laws Amendment (2009 Measures No 6) Act 2010 to reinstate the temporary loss relief for merging superannuation funds with some modifications. This measure is available for mergers that occur on or after 1 October 2011 and before 2 July 2017.

SCHEDULE 2 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 implement the Government’s reforms relating to auditors of self-managed superannuation funds (SMSFs) as part of Stronger Super. Schedule 2 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 introduce a registration regime for SMSF auditors. Auditors will be required to meet initial and ongoing requirements relating to their qualifications, competency and independence. Date of effect: 31 January 2013.

SCHEDULE 3 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 amends Subdivision 390-A of Schedule 1 to the Taxation Administration Act 1953 to expand the information required to be reported to the Commissioner of Taxation. Under the revised reporting obligations, superannuation providers will be required to provide statements for all members who held an interest in the superannuation plan at any time during a reporting period, not just those for whom contributions are received. Date of effect: This measure will apply with effect from 1 July 2012, that is, the first financial year the amendments are to apply is the 2012-13 financial year for which the first member statements are due by October 2013.

SCHEDULE 4 of the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 amends the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 to improve the information quality in the superannuation system and ensure fully effective e-commerce in superannuation. Date of effect: The day after this Bill receives Royal Assent.

 


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