The Government has released draft legislation covering proposed miscellaneous amendments to taxation and superannuation laws. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. They include:
- repeal of Assessed Net Amount Concept in the GST Act,
- amendments re the time at which input tax credit entitlements cease,
- clarifying the continuity of ownership test following the death of a beneficial owner of shares,
- omit cross-reference to business real property in the SIS Act,
- amendments to the style of references to specific Ministers,
- renumbering of previous amendments, and
- excise-related amendments.
COMMENTS are due by 6 June 2014.
[LTN 84, 7/5/14]