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Second Reading Speeches

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the

Income Tax Assessment Act 1997
,
Small Superannuation Accounts Act 1995
,
Superannuation Guarantee (Administration) Act 1992
and
Superannuation (Unclaimed Money and Lost Members) Act 1999
to enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition;
Corporations Act 2001
to modify the notification and reporting obligations applying to certain corporations that have property in receivership or property in respect of which a controller is acting;
Income Tax Assessment Act 1997
,
Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
and
Tax Laws Amendment (2009 Measures No. 6) Act 2010
to extend tax relief for merging superannuation funds until 1 July 2020;
Australian Prudential Regulation Authority Act 1998
to enable the Treasurer to take into account the ongoing cost of governing and maintaining the superannuation transaction network in determining the share of levy money that is payable to the Commonwealth;
Retirement Savings Accounts Act 1997
and
Superannuation Industry (Supervision) Act 1993
to transfer the regulator role for early release of superannuation benefits on compassionate grounds from the Chief Executive Medicare to the Commissioner of Taxation; and
Taxation Administration Act 1953
,
A New Tax System (Goods and Services Tax) Act 1999
and
Income Tax Assessment Act 1997
to require purchasers of new residential premises and subdivisions of potential residential land to make a payment of part of the purchase price to the Australian Taxation Office. Also amends 13 Acts, and repeals seven Acts, to remove inoperative and spent provisions; and amends seven Acts to make consequential amendments.