On 29 May 2013, Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 was passed by the House of Representatives with 4 Government amendments.
The Bill amends:
- ITAA1997, Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 and Superannuation (Unclaimed Money and Lost Members) Act 1999 to provide that income tax is generally not payable on the interest paid by the Commonwealth on unclaimed money from 1 July 2013;
- Fringe Benefits Tax Assessment Act 1986 to align the airline transport fringe benefits rules with the in-house property and in-house residual fringe benefit provisions; and update the method for determining the taxable value of airline transport fringe benefits;
- ITAA 1997 to enable participants in the Sustainable Rural Water Use and Infrastructure Program to choose to make payments they derive under the program free of income tax, with expenditure related to infrastructure improvements required under the program then being non-deductible;
- Superannuation Industry (Supervision) Act 1993 to prescribe requirements for acquisitions and disposals of certain assets between self managed superannuation funds and related parties;
- ITAA 1936, ITAA 1997, Income (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to enable corporate tax entities to carry-back losses to previous income years; and make consequential amendments; and
- 18 Acts to make technical amendments.
According to the Supplementary Explanatory Memorandum, 2 of the Government amendments seek to ensure that corporate tax entities can carry losses back to the year they came into existence. The other 2 amendments omit the provisions in Schedule 4 to the Bill dealing with self-managed superannuation funds and related parties.
The Bill now proceeds to the Senate.