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 the Australian Taxation Office (ATO); 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 ATO. Also amends 13 Acts, and repeals seven Acts, to remove inoperative and spent provisions; and amends seven Acts to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time 07 Feb 2018
Second reading moved 07 Feb 2018
Second reading debate 27 Feb 2018
Second reading agreed to 27 Feb 2018
Third reading agreed to 27 Feb 2018
Senate
Introduced and read a first time 19 Mar 2018
Second reading moved 19 Mar 2018
Second reading debate 28 Mar 2018
Second reading agreed to 28 Mar 2018
Third reading agreed to 28 Mar 2018
Finally passed both Houses 28 Mar 2018
Assent
  • Act no: 23
  • Year: 2018
29 Mar 2018

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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.