Summary
Amends: the
Superannuation Industry (Supervision) Act 1993
and
Income Tax Assessment Act 1997
to provide a legal basis for payment of advice fees from a member’s superannuation account and clarify the associated tax consequences; the
Corporations Act 2001
in relation to: ongoing fee renewal and consent requirements; financial services guide requirements; rules banning conflicted remuneration; and standardised consumer consent requirements for certain insurance commissions; the
Petroleum Resource Rent Tax Assessment Act 1987
to: align the petroleum resource rent tax general anti-avoidance provisions with the general anti-avoidance provisions in the
Income Tax Assessment Act 1936
; and clarify the meaning of ‘exploration for petroleum’; the
Income Tax Assessment Act 1997
to: clarify mining, quarrying or prospecting rights (MQPRs) cannot be depreciated for income tax purposes until they are used; clarify when income tax balancing adjustments occur to MQPRs; and amend the location offset and producer offset for films; 15 Acts to amend the process by which amendments to agreements with multilateral development banks are incorporated into domestic legislation; and 8 Acts to make miscellaneous and technical amendments to Treasury portfolio legislation.