What's new?
Forestry managed investment schemes
Schedule 8 to the Tax Laws Amendment (2007 Measures No.3) Act 2007 encourages the expansion of commercial plantation forestry in Australia through the establishment and tending of new plantations for felling.
The objective of the legislation is achieved by:
- providing statutory deductions for investors who meet certain conditions, and
- allowing secondary market trading of forestry managed investment scheme interests by investors.
The new rules, located in Division 394 of the Income Tax Assessment Act 1997, apply from 1 July 2007 onwards.
Removal of quarantining of foreign tax losses
Tax Laws Amendment (2007 Measures No. 4) Act 2007 amended the income tax law to remove the quarantining of foreign losses, which are currently segregated into the four classes of foreign income to which they relate. As the commencement date for the changes will be the first income year on or after 1 July 2008, they will not affect the completion of the Fund income tax return 2008.
New requirements regarding contributions made with no TFN quoted
Schedule 1 of the Tax Laws Amendment (Simplified Superannuation) Act 2007 inserts subdivision 295-I into the Income Tax Assessment Act 1997 to:
- provide a new category of income called no-TFN contributions income, for superannuation and RSA providers that receive superannuation contributions which are included in assessable income where no TFN is attached to the receiving member's account
- superannuation and RSA providers are liable to pay a particular rate of tax on no-TFN contributions income. The tax applies to contributions made to a complying superannuation fund, non-complying superannuation fund or an RSA
- contributions do not form part of no-TFN contributions income if the superannuation interest or RSA existed prior to 1 July 2007 and the total contributions included in the superannuation fund or RSA's assessable income for the income year is $1,000 or less.
The new rules apply from 1 July 2007 onwards.