Treasury Laws Amendment (2018 Measures No 1) Bill 2018 – introduced – super fund merger relief to 30 June 2020; ATO to approve ‘early releases’; extend cost recovery by Super Levy; payments to members with a ‘terminal disease’

On Wednesday 7.2.18, the Government introduced the Treasury Laws Amendment (2018 Measures No 1) Bill 2018, Schedules 1, 2 , 3 & 4 of which propose the following superannuation related amendments. Relief for merging super funds – the Bill proposes to amend the ITAA 1997, the Superannuation Laws Amendment (Capital Gains Tax Relief and Other…

Treasury Laws Amendment (2018 Measures No 1) Bill 2018 introduced: purchaser GST withholding on residential property commercing 1 July 2018 – including notices by all vendors (whether ‘new’ or not and for vacant residential land)

The Government introduced the Treasury Laws Amendment (2018 Measures No 1) Bill 2018, into the Lower House of Parliament on Wednesday 7.2.2018. In Schedule 5, it proposes amendments to introduce new GST withholding provisions. These provisions will require purchasers of ‘new residential premises’, and of ‘potential residential land’, to pay amounts to the Commissioner, to cover the supplier’s…