- Date
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27 Mar 2024
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Treasury
- 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.