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Last updated 12 February 2019

What’s new?

In 2012, we reviewed business income tax returns to obtain a better balance between the community’s cost of compliance and our information needs. The review explored the company, trust and partnership income tax returns and some associated schedules to identify ways to remove or refine the information collected. As a result of the review, there are a number of changes in the Fund income tax return 2013. These changes include the following:

  • The Capital allowances schedule is no longer used.
  • The Capital gains tax (CGT) schedule has been redesigned.
  • Item 10 label ZDid the CGT event relate to a forestry managed investment scheme interest that you held other than as an initial participant? has been removed.
  • Item 10 label MHave you applied an exemption or rollover? has been added.
  • Item 19, which included labels G, H and IForestry management investment schemes product or private ruling information details has been removed.

Conservation tillage refundable tax offset

The government has introduced a refundable tax offset for the purchase of a new eligible no-till seeder (‘eligible seeder’) for use in conservation tillage farming practices. Qualifying primary producers may be entitled to a refundable tax offset of 15% of the cost of an eligible seeder for an income year. The refundable tax offset is only available for eligible seeders that are first used, or installed ready for use, in the 2012-13, 2013-14 or 2014-15 income year.

Where eligible, the fund will claim the refundable tax offset in the fund’s tax return for the relevant income year.

See also  

Conservation tillage refundable tax offset

Continuation of tax exemption

The Government announced as part of Mid-year Economic and Fiscal Outlook 2012-13 that it will amend the law to allow the tax exemption for earnings on assets supporting superannuation pensions to continue following the death of a fund member in the pension phase until the deceased member’s benefits have been paid out of the fund. This change will have effect from 1 July 2012. At the time of publication of these instructions the amendment to the law has not been made.

Merging superannuation funds

An amendment to the Income Tax Assessment Act 1997 provides temporary taxation relief to eligible superannuation funds in the forms of loss relief and capital gains tax rollover relief. It ensures that income tax considerations do not prevent mergers of super funds or transfers of members' benefits and relevant assets, in transitioning to Stronger Super and MySuper. The tax relief will be available to complying super funds (excluding self-managed super funds) or approved deposits funds that merge with a complying super fund with five or more members. The tax relief is available for mergers that occur on or after 1 October 2011 and before 2 July 2017.

Remove access to the trading stock exception

An amendment to the Income Tax Assessment Act 1997 means that the trading stock exception to the capital gains tax (CGT) primary code rule is not available for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity. This will ensure that gains or losses on the specified assets are subject to CGT with effect from 7.30pm (AEST) 10 May 2011. However, assets owned and held as trading stock prior to that time can continue to be treated as trading stock. These amendments apply in the same way to complying superannuation/FHSA assets of a life insurance company, to ensure that these assets continue to be taxed in the same way as assets of a complying superannuation entity.