Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

Superannuation CGT & auditor bills passed

Dec 03, 2012

On 22 November 2012, Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 were passed by the Senate without amendment.

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 amends: 

  • the ITAA 1997 and Tax Laws Amendment (2009 Measures No 6) Act 2010 to reinstate the temporary loss relief for merging superannuation funds with certain modifications;
  • the Superannuation Industry (Supervision) Act 1993 and Taxation Administration Act 1953 to introduce a
    registration regime for auditors of self-managed superannuation funds;
  • the Taxation Administration Act 1953 to expand the information required to be reported by superannuation providers to the Commissioner of Taxation;
  • the Superannuation Industry (Supervision) Act 1993 and Retirement Savings Accounts Act 1997 to facilitate
    the electronic transmission of payments and associated information between certain funds, schemes and providers by providing for a register to be kept by the Commissioner of Taxation; and
  • five Acts to make technical amendments in relation to eligible superannuation entities.

Superannuation Auditor Registration Imposition Bill 2012 imposes fees on certain matters to recover the costs of establishing the self-managed superannuation fund auditor registration regime.

The Bills now await Royal Assent.

In media release No 2012/080, issued 22 November 2012, the Minister for Financial Services and Superannuation and
Minister for Employment and Workplace Relations, Bill Shorten, commented on the passage of the bills.

Tags: Chartered AccountantGSTPensionsSMSFSuper

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "Hi Mr Taxman, I am married to my wife for 3 years now and it is the first time for us to lodge tax return in AU as we moved here in June 2016. I opened a personal bank account and deposited some..."

    By: Jure at Aug 16, 2017 5:39AM

    Post: Marriage

  • "hi, i run a small business that is yet to turn a profit as my start up expenses were high. Is it possible to offset these losses against my husband income?"

    By: heidi at Aug 15, 2017 11:19PM

    Post: Marriage

  • "Hi, not sure if this is travel or vehicle expenses..... Home is in town A - employer is located in town A (but I rarely work there). Get seconded for 12 months to town B (120km away) and other..."

    By: Jason at Aug 04, 2017 4:04AM

    Post: Claiming car expenses

  • "I've paid my outstanding HECS debt so my balance is now $0. My question is......Is it a good idea to keep the HECS coming out so at tax time I get a large lump sum back OR cancel my HECS and receive..."

    By: Sophie at Jul 31, 2017 8:38AM

    Post: Two important dates for those with HECS/HELP debts

  • "Hi Mr Taxman, my company allows claims on mileage. But I'm wondering if it's better to claim the whole lot at tax time via logbook method instead of claiming it through my company? Thanks in advance."

    By: Jac at Jul 31, 2017 7:06AM

    Post: Claiming car expenses