Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44
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.

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Progress

House of Representatives
Introduced and read a first time 04 Dec 2014
Second reading moved 04 Dec 2014
Second reading debate 24 Feb 2015
Second reading debate 25 Feb 2015
Second reading agreed to 25 Feb 2015
Third reading agreed to 25 Feb 2015
Senate
Introduced and read a first time 02 Mar 2015
Second reading moved 02 Mar 2015
Second reading debate 03 Mar 2015
Second reading agreed to 03 Mar 2015
Committee of the Whole debate 03 Mar 2015
Third reading agreed to 03 Mar 2015
Finally passed both Houses 03 Mar 2015
Assent
  • Act no.: 21
  • Year: 2015
19 Mar 2015

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

No documents at present

Bills digest

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Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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