The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was passed on Tue 28.5.2013, by the House of Reps without amendment and now moves to the Senate. The Bill contains amendments concerning:
- GST instalment system – Bill would amend Div 162 of the GST Act to enable entities that are paying their GST by instalments, and that subsequently move into a net refund position, to continue to pay their GST by instalments if they choose to do so;
- super co-contribution changes – would reduce to 50% (from 100%) of the eligible personal superannuation contributions the person makes during the income year; would reduce the maximum amount of co-contribution from id=”mce_marker”,000 to $500;
- merging multiple accounts in super;
- consolidating the dependency tax offsets – would amend the ITAA 1997 to consolidate 8 existing dependency tax offsets to create a new, consolidated dependency tax offset;
- TOFA changes;
- tax exemption for natural disaster payments;
- documentaries and film tax offsets; and
- new DGRs added.
[LTN 102, 29/5/13]