Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 passes all stages
04 Mar 2015
On 3 March 2015 the Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 was passed by the Senate, without amendments, and now awaits the Royal Assent.
An associated Bill, the Excess Exploration Credit Tax Bill 2014, also passed without amendments, and awaits the Royal Assent.
The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 makes amendments in the following areas:
- the Bill 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 Bill 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
- capital gains tax exemption for certain compensation or damages
- the Bill ensures that individuals whose superannuation benefits are involuntarily transferred from one superannuation plan to another plan are not disadvantaged through the transfer
- the Bill removes the need for a roll-over benefit statement to be provided to an individual whose superannuation benefits are involuntarily transferred
- the Bill allows taxation officers to record or disclose personal information in certain circumstances
- the Bill provides for an exploration development tax incentive for investment in small mineral exploration companies undertaking greenfields mineral exploration
- the Bill also makes a number of technical and consequential amendments.