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Second Reading Speeches

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

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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.