19 Mar 14 Tax and Super Bill receives Royal Assent
On 18 March 2014, Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 received Royal Assent as Act No 11 of 2014.
The Act amends the:
- Superannuation Industry (Supervision) Act 1993 to provide that a person must not promote a scheme that has resulted in a payment being made from a regulated superannuation fund otherwise than as prescribed by payment standards and impose a civil penalty for any contravention;
- Superannuation Industry (Supervision) Act 1993 and Taxation Administration Act 1953 to provide the power to give directions and impose administrative penalties for contraventions relating to self managed superannuation funds;
- ITAA 1936 to phase out the net medical expenses tax offset by the end of the 2018-19 income year;
- ITAA 1997 to update the list of deductible gift recipients; and
- Fringe Benefits Tax Assessment Act 1986, ITAA 1936 and ITAA 1997 to make consequential amendments.