The Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was passed by the House of Reps on Tue 4.3.2014, without amendment and now moves to the Senate. The Bill proposes to:

  • phase out the net medical expenses tax offset;
  • introduce civil and criminal penalties for promoters of schemes re illegal early release of superannuation benefits;
  • introduce administrative directions and penalties for contraventions relating to SMSFs;
  • amend the deductible gift recipients (DGRs) list.

[LTN 43, 5/3/14]

Passed Senate

This Bill passed the Senate without amendment on Thur 6.3.2014, and effectively await Royal Assent.

[LTN 44, 6/3]

Royal Assent

This Bill received Royal Assent on Tue 18.3.2014. It passed all stages without amendment.

[LTN 52, 18/3/14]