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

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  • "Yes you show the km allowance as taxable income and then you can also make a claim for your car travel. Under the cents per kilometre method you are limited to the first 5000km. So if you get..."

    By: Mr Taxman at Jun 04, 2025 11:57PM

    Post: Claiming car expenses

  • "No would not be able to claim the Uber home nor to the station the next day. The trip to the off-sit meeting would be claimable."

    By: Mr Taxman at Jun 04, 2025 11:55PM

    Post: Claiming car expenses

  • "Depends on your finance type ... if you takeout a lease then the lease payment forms part of your costs (but no depreciation can be claimed) ... if you takeout a Hire Purchase or a Loan then only the..."

    By: Mr Taxman at Jun 04, 2025 11:54PM

    Post: Claiming car expenses

  • "The cost of the trailer itself could be depreciated - usually over 8 years. Assuming no personal usage with it then 100% of that depreciation plus annual rego could be claimed."

    By: Mr Taxman at Jun 04, 2025 11:50PM

    Post: Claiming car expenses

  • "That would be a non-deductible trip unfortunately Erin"

    By: Mr Taxman at Jun 04, 2025 11:48PM

    Post: Claiming car expenses