The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 and Excess Exploration Credit Tax Bill 2014 were both passed by the House of Reps [on Wed 25.2.2015] without amendment and now move to the Senate.
The Measures No 7 Bill contains amendments:
- transfer the tax investigation function from the Commonwealth Ombudsman to the Inspector-General of Taxation;
- ensure CGT exemption will be available in respect of certain payments of compensation or damages;
- provide relief for excess non-concessional superannuation contributions tax by providing an option to withdraw that excess amount from the fund;
- provide greater certainty for superannuation fund mergers;
- allow ATO officers to record or disclose protected information to support or enforce a proceeds of crime order;
- together with the Excess Exploration Credit Tax Bill 2014, introduce an exploration development incentive to encourage investment in small mineral exploration companies undertaking greenfields mineral exploration in Australia.
[LTN 37, 25/2/15] [IT 25/2/15]