The Tax Laws Amendment (2012 Measures No 1) Bill 2012 was introduced in the House of Reps on Wed 21.3.2012. It contains the following amendments:
- Disallow deductions against rebatable benefits – amends the ITAA 1997 to implement the 2011-12 Budget announcement to disallow deductions against all government assistance payments from 1 July 2011. The Budget announcement was in response to the 2010 High Court decision in FCT v Anstis [2010] HCA 40. DATE OF EFFECT: from 1 July 2011.
- Limiting trading stock exception for super funds – amends the ITAA 1997 to remove access to the trading stock exception to the CGT primary code rule for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity. DATE OF EFFECT: applies after 7.30 pm (ACT) on 10 May 2011. Assets owned by a relevant entity and held as trading stock prior to that time can continue to be treated as trading stock of the entity.
- Ex-gratia payments to certain NZ visa holders – amends the ITAA 1997 to exempt from income tax ex-gratia payments to NZ non-protected special category visa holders for the floods that occurred in NSW and Qld in early 2012. DATE OF EFFECT: 6 February 2012.
- Phasing out dependent spouse tax offset – amends the ITAA 1936 to phase out, from 1 July 2012, the dependent spouse tax offset for taxpayers who maintain a dependent spouse born on or after 1 July 1952. Also amends the ITAA 1936 so a taxpayer eligible for an amount of offset in respect of an invalid or carer spouse is not also entitled to the equivalent amount of dependent spouse tax offset as a component of their zone, overseas forces or overseas civilian tax offset. This amendment applies from 1 July 2011. DATE OF EFFECT: various dates.
- Miscellaneous amendments – MRRT and other – contains a number of miscellaneous amendments relating to the Minerals Resource Rent Tax (MRRT) to address “minor technical deficiencies” identified in the legislation. Also contains amendments to the TAA to update a reference to a specific Migration Act 1959 provision. DATE OF EFFECT: various.
[LTN 55, 21/3]