Pursuant to a resolution of the Senate of 13 May 2015, the provisions of the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015 were referred to the Senate Economics Legislation Committee for inquiry and report by 15 June 2015. The bill:

• repeals the legislation providing for the First Home Saver Accounts (FHSAs) Scheme, including the related tax concessions;
• amends the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 to:
  • abolish the dependent spouse tax offset (DSTO);
  • expand the dependant (invalid and carer) tax offset (DICTO) by removing the exclusion in relation to spouses previously covered by the dependent spouse tax offset;
  • remove an entitlement to DSTO where it is made available as a component of another tax offset, and replace that component with a component made up of DICTO; and
  • rewrite the notional tax offsets covering children, students and sole parents that are available as components of other tax offsets.
• makes a number of reforms to modernise the Offshore Banking Unit regime.
• amends the Income Tax Assessment Act 1997 to exempt the Global Infrastructure Hub Ltd from liability to pay income tax on ordinary income and statutory income.
• amends the Income Tax Assessment Act 1997 to update the list of specifically listed deductible gift recipients (DGRs).
• implements the third and final element of the investment manager regime (IMR) reforms.

Submissions closed on 10 June 2015.