Australia: Legislation Update
29 June 2012
Posted by: SAIT Technical
By The Tax Insitute Australia
Super Bills await Royal Assent
On 26 June 2012, the Senate passed the following Bills without amendment:
Superannuation Legislation Amendment (Stronger Super) Bill 2012
Superannuation Supervisory Levy Imposition Amendment Bill 2012
The measures contained in the Superannuation Legislation Amendment (Stronger Super) Bill 2012 implement changes recommended by the Cooper review into Australia's superannuation system.
In particular, Superannuation Legislation Amendment (Stronger Super) Bill 2012:
· introduces a framework to support the implementation of superannuation data and payment standards that will apply to superannuation transactions undertaken by superannuation funds and employers; and
· enables costs to Government associated with the implementation of the SuperStream measures to be recovered by a levy on APRA regulated funds.
The Bills now await Royal Assent.
Bills receive Royal Assent
The following Bills received Royal Assent on 21 June 2012:
· Shipping Reform (Tax Incentives) Bill 2012 as Act No 53 of 2012
· Tax Laws Amendment (Shipping Reform) Bill 2012 as Act No 57 of 2012
· Tax Laws Amendment (2012 Measures No 3) Bill 2012 as Act No 58 of 2012
· Income Tax (Seasonal Labour Mobility Program Withholding Tax) Bill 2012 as Act No 59 of 2012
· Tax Laws Amendment (Income Tax Rates) Bill 2012 as Act No 60 of 2012
2012 Measures No 2 Bill awaits Royal Assent
On 27 June 2012, the Senate passed Tax Laws Amendment (2012 Measures No 2) Bill 2012 without amendment.
The Bill amends:
· Taxation Administration Act 1953 and four other Acts to extend the director penalty regime so that directors are personally responsible for their company's unpaid superannuation guarantee amounts; to make directors and their associates liable to pay as you go (PAYG) withholding non-compliance tax in certain circumstances; and to ensure that directors cannot discharge their director penalties by placing their company into administration or liquidation when PAYG withholding or superannuation guarantee remains unpaid and unreported three months after the due date;
· ITAA 1997and Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 in relation to the taxation of financial arrangements consolidation interaction; and
· ITAA 1997 to modify retrospectively the consolidation tax cost setting rules and rights to future income rules.
The Bill now awaits Royal Assent.