Summary
Introduced with the Income Tax (TFN Withholding Tax (ESS)) Bill 2009, the bill amends: six Acts in relation to shares or rights granted under employee share schemes; the
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
in relation to the application of the non-commercial losses rules for taxpayers with an adjusted taxable income of $250,000 or more; and the
Superannuation (Unclaimed Money and Lost Members) Act 1999
,
Financial Transaction Reports Act 1988
,
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to require superannuation providers to transfer the balance of certain lost members’ accounts to the Commissioner of Taxation.