The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Reps on Tue 25.11.2014, without amendment and now moves to the Senate.
The Bill contains amendments relating to:
- extending the existing CGT business restructure roll-overs;
- ensuring that foreign pension funds can access the managed investment trust (MIT) withholding tax regime and the associated lower rate of withholding tax on income from certain Australian investments;
- exemption for certain US Government defence entities; and
- fuel tax credits and grants – enable fuel tax credit and grant claimants to claim the higher rate of fuel tax credits.
The Senate Economics Legislation Committee tabled its report on the Bill on Tue 25.11.2014 and recommended that the Senate pass the Bill, while drawing to the Government’s attention to concerns about the CGT rollover and fuel tax credit amendments. The Greens issued a dissenting report recommending that mining companies be removed from eligibility for the Fuel Tax Credit.
[LTN 229, 26/11/14]