Summary
Introduced with the Income Tax (TFN Withholding Tax (ESS)) Bill 2009, the bill amends: six Acts in relation to shares or rights granted under employee share schemes; the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to the application of the non-commercial losses rules for taxpayers with an adjusted taxable income of $250,000 or more; and the Superannuation (Unclaimed Money and Lost Members) Act 1999, Financial Transaction Reports Act 1988, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to require superannuation providers to transfer the balance of certain lost members’ accounts to the Commissioner of Taxation.