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Legislation

Tax Telegraph, December 2012

LegislationBills awaiting Royal Assent: The following Bills have passed the Senate and are now awaiting Royal Assent:

Tax Laws Amendment (2012 Measures No. 4) Bill 2012

This Bill includes amendments to the Fringe Benefits Tax Assessment Act 1986 to limit the concessional treatment of living-away-from-home (LAFH) allowances and benefits provided to certain employees (other than those working on a ‘fly-in fly-out’ or ‘drive-in drive-out’ basis) for a maximum period of 12 months. The Bill also includes administration implications of rights to future income consolidation changes around interest and penalties.

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

This Bill reinstates temporary loss relief and an asset roll-over for merging complying superannuation funds with modifications. These modifications include optional asset roll-over for capital gains and revenue gains, and losses transferred to the receiving entity will be treated as having been made in the income year that they were transferred. This loss relief will not be available to self-managed superannuation funds (SMSF).

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