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On 13 February 2013, Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the income tax and superannuation law to ensure that income tax is generally not payable on the interest paid by the Commonwealth on unclaimed money from 1 July 2013.

SCHEDULE 2 to the Bill amends the Fringe Benefits Tax Assessment Act 1986 to align the special rules for calculating airline transport fringe benefits with the general provisions dealing with in-house property fringe benefits and in-house residual fringe benefits.
The method for determining the taxable value of airline transport fringe benefits is also updated to simplify the practical operation of the law and to better reflect the economic value of the benefit.
Date of effect: 7:30 pm by legal time in the Australian Capital Territory on 8 May 2012.

SCHEDULE 3 to the Bill amends the ITAA 1997 to allow participants in the Sustainable Rural Water Use and Infrastructure Program (SRWUIP) to choose to make payments they derive under the program free of income tax (including capital gains tax), with expenditure relating to the infrastructure improvements required under the program then being non-deductible.

SCHEDULE 4 to the Bill amends the Superannuation Industry (Supervision) Act 1993 to prescribe requirements for acquisitions and disposals of certain assets between self managed superannuation funds (SMSFs) and related parties. These requirements ensure that these transactions are conducted with transparency and are not used to circumvent the requirements of the superannuation law. This measure applies to transactions occurring on or after 1 July 2013.

SCHEDULES 5 and 6 amend the income tax law to allow corporate tax entities that have paid tax in the past, but are now in a tax loss position, to carry their loss back to those past years to obtain a refund of some of the tax they previously paid.

This is done through the mechanism of a refundable tax offset. The tax offset the entity can get is the lowest of:

  • the tax value of the amount of the loss the entity chooses to carry back;
  • the tax payable on $1 million taxable income ($300,000 at the current corporate tax rate);
  • the entity’s franking account balance at the end of the current year; and
  • the tax liability for the year(s) the entity carries the loss back to.

These amendments apply to assessments for the 2012-13 income year and later income years.

Schedule 7 makes a number of miscellaneous amendments to the taxation laws as part of the Government’s commitment to uphold the integrity of the taxation system.

In media release No 2013/013, issued 13 February 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the SRWUIP amendments.


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