19 Jun 12 Tax and Super 2012 Measures No 1 Bill awaits Royal Assent
On 18 June 2012, the Senate passed Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 without amendment.
The Bill amends:
- A New Tax System (Goods and Services Tax) Act 1999 to provide that a supply made by a health care provider to an insurer, statutory compensation scheme operator, compulsory third party scheme operator or a government entity is treated as GST-free supply, and provide that non-commercial activities of government related entities are not subject to GST;
- ITAA 1997 to pause the indexation of the superannuation concessional contributions cap during the 2013-14 financial year;
- ITAA 1997, Superannuation (Government Co-contribution for Low Income Earners) Act 2003, Taxation Administration Act 1953and Taxation (Interest on Overpayments and Early Payments) Act 1983 to allow eligible individuals the option to have excess concessional contributions taken out of their superannuation fund and assessed at their marginal tax rates;
- Taxation Administration Act 1953 to permit the ATO to disclose individual's superannuation information to superannuation entities and their administrators for certain purposes, and provide the Commissioner of Taxation with a discretion to delay refunding an amount to a taxpayer pending integrity checks of their claim; and
- Superannuation Industry (Supervision) Act 1993 to require employers to report, on payslips, any information prescribed in the regulations about superannuation contributions.
The Bill now awaits Royal Assent.