On 4 March 2014, Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was passed by the House of Representatives without amendment.
The Bill 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.
On 6 March 2014, the Bill was passed by the Senate without amendment.
The Bill now awaits Royal Assent.