Summary
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; Income Tax Assessment Act 1936 to phase out the net medical expenses tax offset by the end of the 2018-19 income year; and Income Tax Assessment Act 1997 to update the list of deductible gift recipients; and Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to make consequential amendments.