The Treasury Laws Amendment (2017 Measures No 4) Bill 2017 passed the House of Representatives on Wed 16.8.2017, without amendment and similarly passed the Senate on Thursday 17.8.2017. It gained Royal Assent on 23 Aug 2017 as Federal Act No. 94 of 2017.
The Bill contains the following amendments:
- Income tax relief for transfers within a fund to a MySuper product – the Bill proposes to amend the ITAA 1997 to provide asset roll-over relief for mandatory transfers within a superannuation fund in the transition to a MySuper product. Date of effect: The amendments will apply to transfers within a superannuation fund to a MySuper product made between 29 June 2015 and 1 July 2017.
- WET producer rebate – The amendments make integrity changes to the WET producer rebate, quoting and WET credit rules, reduce the WET rebate cap from $500,000 to $350,000 from 1 July 2018, tighten the associated producers rule and repeal the earlier producer rebate rule.