The House Standing Committee on Economics on Tue 14.5.2013, tabled its report on Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013.
The Bill contains amendments concerning:
- documentaries and film tax offsets (Schedule 1);
- ex-gratia payments made to people affected by natural disasters (Schedule 2);
- GST instalments (Schedule 3);
- DGR list (Schedule 4);
- merging multiple super accounts (Schedule 5);
- super co-contribution changes (Schedule 6);
- dependency tax offsets (Schedule 7); and
- TOFA changes (Schedule 8).
The report focused on Schedules 1, 5 and 6. The Committee recommended that the House of Reps pass Schedules 1, 2, 3, 4, 6, 7, and 8.
In relation to Schedule 1, the Committee commented that there is a need for ongoing dialogue between Screen Australia and industry to ensure that the application of the proposed definition remains responsive to the evolving documentary genre.
However, in relation to Schedule 5, the Committee recommended that the Government undertake further consultation with industry groups “to ensure that undue liability is not being inadvertently placed on trustees who are working in good faith for the benefit of their members.” The Committee also urged the APRA provide funds with guidance on circumstances which should trigger individual consideration of what constitute’s a member’s “best interests”. Where funds are dealing with complex cases, the Committee said it believed that trustees should seek input from the affected members.
[LTN 92, 15/5/13]