Summary

Introduced with the Excess Exploration Credit Tax Bill 2014, the bill amends: the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to provide individuals with an option to be taxed on the earnings associated with their excess superannuation non concessional contribution at their marginal tax rate; the Inspector-General of Taxation Act 2003 and Ombudsman Act 1976 to transfer the tax investigative and complaint handling functions of the Commonwealth Ombudsman to the Inspector-General of Taxation and merge that function with the existing function of conducting systemic reviews; the Income Tax Assessment Act 1997 in relation to capital gains tax exemption for certain compensation or damages; the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to ensure that individuals whose superannuation benefits are involuntarily transferred from one superannuation plan to another plan are not disadvantaged through the transfer; the Taxation Administration Act 1953 to: remove the need for a roll-over benefit statement to be provided to an individual whose superannuation benefits are involuntarily transferred; and allow taxation officers to record or disclose personal information in certain circumstances; the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to provide for an exploration development tax incentive for investment in small mineral exploration companies undertaking greenfields mineral exploration; Income Tax Assessment Act 1936, Tax Agent Services Act 2009 and Taxation Administration Act 1953 to make consequential amendments; and 16 Acts to make technical amendments.