24 Mar 1515 Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 now law
On 19 March 2015 the Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 received the Royal Assent, and is Act No 21 of 2015.
An associated Bill, the Excess Exploration Credit Tax Bill 2014, also received the Royal Assent on 19 March 2015, and is Act No 17 of 2015.
The Tax and Superannuation Laws Amendment (2014 Measures No 7) Act 2014 makes amendments in the following areas:
- the Act provides individuals with an option to be taxed on the earnings associated with their excess superannuation non concessional contribution at their marginal tax rate
- the Act transfers the tax investigative and complaint handling functions of the Commonwealth Ombudsman to the Inspector-General of Taxation and merges that function with the existing function of conducting systemic reviews
- the Act provides capital gains tax exemption for certain compensation or damages
- the Act ensures that individuals whose superannuation benefits are involuntarily transferred from one superannuation plan to another plan are not disadvantaged through the transfer
- the Act removes the need for a roll-over benefit statement to be provided to an individual whose superannuation benefits are involuntarily transferred
- the Act allows taxation officers to record or disclose personal information in certain circumstances
- the Act provides for an exploration development tax incentive for investment in small mineral exploration companies undertaking greenfields mineral exploration
- the Act also makes a number of technical amendments.