- Date
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25 Nov 2021
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Treasury
- Summary
-
Amends: the
Corporations Act 2001
to establish a corporate collective investment vehicle (CCIV) as a new type of a company limited by shares that is used for funds management; the Income Tax Assessment Act 1997
to: specify the tax treatment for the CCIV regime; make amendments consequential on the commencement of the Commonwealth Registers Act 2020
; update the list of deductible gift recipients; and remove cessation of employment as a taxing point for employee share scheme interests which are subject to deferred taxation; the International Tax Agreements Act 1953
to clarify that the priority rule is subject to the deeming principle; the Australian Securities and Investments Commission Act 2001
, Personal Property Securities Act 2009
, A New Tax System (Australian Business Number) Act 1999
and Income Tax Assessment Act 1997
to make consequential amendments in relation to the CCIV regime; the Income Tax Assessment Act 1997
and Taxation Administration Act 1953
to enable eligible corporate tax entities to claim a loss carry back tax offset in the 2022-23 financial year; 10 Acts and one determination in the Treasury portfolio to make miscellaneous and technical amendments; and the Superannuation Industry (Supervision) Act 1993
to insert a new covenant that requires trustees of registrable superannuation entities to develop a retirement income strategy for beneficiaries who are retired or are approaching retirement.