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Bills of the current Parliament

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Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Introduced with the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, the bill amends: five Acts to impose a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation; the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to: introduce additional income tax rules on recipients of certain defined benefit income streams in excess of $100 000 per annum; and reduce the threshold at which high-income earners pay Division 293 tax on their concessional taxed contribution to superannuation to $250 000; the Income Tax (Transitional Provisions) Act 1997 to provide transitional capital gains tax relief for superannuation funds that adjust their asset allocations before 1 July 2017; the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to reduce the annual concessional contributions cap to $25 000 and the annual non-concessional contributions cap to $100 000; introduce criteria for an individual to be eligible for the non-concessional contributions cap and make minor amendments to the non-concessional contributions rules; and remove the anti-detriment deduction; the Superannuation Guarantee (Administration) Act 1992 to amend how the maximum contribution base is determined; the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to enable eligible low income earners to receive the low income superannuation tax offset; the Income Tax Assessment Act 1997 to: remove the requirement that an individual must earn less than 10 per cent of their income to be able to claim a deduction for personal superannuation contributions; enable catch-up concessional contributions; extend the spouse superannuation tax offset; and amend the earnings tax exemption for complying superannuation funds, retirement savings account providers and life insurance companies; and 11 Acts to make administration and consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 09/11/16  
Second reading moved 09/11/16  
Second reading debate 22/11/16  
Second reading agreed to 22/11/16  
Third reading agreed to 22/11/16  
     
Senate
Introduced and read a first time 23/11/16  
Second reading moved 23/11/16  
Second reading debate 23/11/16  
Second reading agreed to 23/11/16  
Committee of the Whole debate 23/11/16  
Third reading agreed to 23/11/16  
     
Finally passed both Houses 23/11/16  
Assent 29/11/16 Act no: 81 - Year: 2016
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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Second reading speeches


Proposed amendments

Senate
  • Australian Greens [sheet 7986]
WHISH-WILSON, Sen Peter

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  • Opposition [sheet 7980]
GALLAGHER, Sen Katy

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (10/11/2016): Senate Economics Legislation Committee; Committee report (23/11/2016)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )