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01 Mar 12 Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 introduced

On 1 March 2012, Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the A New Tax System (Goods and Services Tax) Act 1999 to ensure that a supply made by a health care provider to an insurer, a statutory compensation scheme operator, a compulsory third party scheme operator or a government entity, is treated as a GST-free supply to the extent that the underlying supply from the health care provider to an individual is a GST-free health supply. Date of effect: 1 July 2012.

SCHEDULE 2 to the Bill amends the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) to restore the policy intent that the non commercial activities of government related entities are not subject to goods and services tax. Date of effect: 1 July 2012.

SCHEDULE 3 to the Bill amends the ITAA1997 to temporarily pause the indexation of the superannuation concessional contributions cap so that it will remain fixed at $25,000 up to and including the 2013-14 financial year. This measure will take effect from 1 July 2013.

SCHEDULE 4 to the Bill amends the ITAA1997, the Superannuation (Government Co-contribution for Low Income Earners) Act 2003, the Taxation Administration Act 1953, and the Taxation (Interest on Overpayments and Early Payments) Act 1983 to allow eligible individuals the option to effectively have excess concessional contributions of $10,000 or less refunded to them. However, if the refund is accepted, the excess concessional contributions will be assessed as income for the year of the excess contributions rather than paying excess contributions tax. Date of effect: These amendments apply to excess concessional contributions of an eligible individual for the financial year starting on 1 July 2011 and later years.

SCHEDULE 5 to the Bill permits the ATO to disclose details of an individual’s superannuation interests and superannuation benefits to a regulated superannuation fund or public sector superannuation scheme, an approved deposit fund, retirement savings account (RSA) provider or their administrators (the bodies). This will enable the ATO to provide information to the bodies particularly through enhanced services that will allow the bodies to access information about a member’s superannuation interests, including amounts held by the ATO. This information will enable funds to assist their members to find and consolidate their superannuation interests. This measure will commence on Royal Assent.

SCHEDULE 6 to the Bill amends the Superannuation Industry (Supervision) Act 1993 to require employers to report, on payslips, any information prescribed in the regulations about superannuation contributions. The regulations will in turn require employers to report the amount of superannuation contributions, as well as the date on which the employer expects to pay them. The regulations will also incorporate the existing requirements in Regulation 3.46 in the Fair Work Regulations 2009 to include the name, or name and number, of any fund to which the contribution is to (or was) paid. These amendments apply to contributions accrued after the date of Proclamation. In the absence of a proclamation, this Schedule will commence 12 months after Royal Assent.

SCHEDULE 7 to the Bill amends the Taxation Administration Act 1953 to provide the Commissioner of Taxation with a legislative discretion to withhold entitlements to high risk refunds pending refund integrity checks of a taxpayer’s claim. These amendments commence from Royal Assent.


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