TAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO. 7) ACT 2015 (NO. 21, 2015)

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 4

4............ Amendment of assessments................................................................ 4

Schedule 1--Excess non-concessional superannuation contributions tax reforms 6

Income Tax Assessment Act 1997 6

Taxation Administration Act 1953 13

Schedule 2--Transferring tax investigation function to Inspector-General of Taxation 26

Part 1--Main amendments 26

Inspector-General of Taxation Act 2003 26

Ombudsman Act 1976 39

Part 2--Other amendments 42

Income Tax Assessment Act 1936 42

Tax Agent Services Act 2009 42

Taxation Administration Act 1953 42

Part 3--Application and transitional provisions 44

Schedule 3--CGT exemption for compensation and insurance 46

Income Tax Assessment Act 1997 46

Schedule 4--Providing certainty for superannuation fund mergers 49

Part 1--Main amendments 49

Income Tax Assessment Act 1997 49

Income Tax (Transitional Provisions) Act 1997 51

Taxation Administration Act 1953 52

Part 2--Other amendments 53

Income Tax Assessment Act 1997 53

Schedule 5--Disclosing tax information relating to proceeds of crime orders 55

Taxation Administration Act 1953 55

Schedule 6--Exploration development incentive 56

Part 1--Main amendments 56

Income Tax Assessment Act 1997 56

Part 2--Other amendments 76

Income Tax Assessment Act 1936 76

Income Tax Assessment Act 1997 79

Taxation Administration Act 1953 81

Part 3--Repeal of Division 418 84

Income Tax Assessment Act 1936 84

Income Tax Assessment Act 1997 85

Taxation Administration Act 1953 86

Part 4--Application and saving provisions 88

Division 1--Application of amendments 88

Division 2--Savings provisions relating to repeal of Division 418 88

Schedule 7--Miscellaneous amendments 91

Part 1--Amendments commencing on the day after this Act receives the Royal Assent 91

A New Tax System (Goods and Services Tax) Act 1999 91

Excise Act 1901 92

Income Tax Assessment Act 1936 92

Income Tax Assessment Act 1997 92

Income Tax (Transitional Provisions) Act 1997 94

Petroleum Resource Rent Tax Assessment Act 1987 94

Retirement Savings Accounts Act 1997 94

Superannuation Act 2005 95

Superannuation Guarantee (Administration) Act 1992 95

Superannuation Industry (Supervision) Act 1993 95

Superannuation (Productivity Benefit) Act 1988 96

Taxation Administration Act 1953 96

Part 2--Other amendments 98

Petroleum Resource Rent Tax Assessment Act 1987 98

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 98

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 98

Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 99

Tax Laws Amendment (2013 Measures No. 2) Act 2013 99

Commonwealth Numbered Acts

TAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO. 7) ACT 2015 (NO. 21, 2015) - NOTES