The following Bills progressed in Parliament yesterday:
- The House of Representatives has agreed to the Senate amendments to Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill 2014 which removed the provisions to abolish the Seafarer Tax Offset and to reduce the rate of the R&D tax offset. The Bill, which includes the measures to abolish the mature age worker tax offset and update the list of deductible gift recipients, has now completed its passage through Parliament and awaits Royal Assent.
- Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 and Excess Exploration Credit Tax Bill 2014 were passed by the Senate and now await Royal Assent. These Bills include, among other things, the proposed exploration development incentive, measures to provide fairer taxation of excess non-concessional contributions, the transfer of the tax investigation function of the Commonwealth Ombudsman to the Inspector-General of Taxation and CGT exemption for compensation and insurance.