2010

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Superannuation Legislation Amendment Bill 2010

No.      , 2010

(Treasury)

A Bill for an Act to amend the law relating to superannuation, and for related purposes

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

4............ Amendment of assessments................................................................ 3

Schedule 1—Unclaimed money                                                                                      4

Part 1—Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999               4

Part 2—Amendment of the Income Tax Assessment Act 1997            11

Part 3—Application provision                                                                                 13

Schedule 2—Disability insurance premiums paid by superannuation funds         14

Part 1—2004-05 to 2006-07 income years                                                        14

Part 2—2007-08 to 2010-11 income years                                                        16

Division 1—Main amendments                                                                               16

Income Tax Assessment Act 1997                                                                             16

Income Tax (Transitional Provisions) Act 1997                                                   16

Division 2—Sunsetting on 1 January 2017                                                            18

Income Tax Assessment Act 1997                                                                             18

Income Tax (Transitional Provisions) Act 1997                                                   18

Schedule 3—Superanuation and relationship breakdowns                        19

Superannuation Industry (Supervision) Act 1993                                               19

Schedule 4—Other amendments                                                                                  23

Part 1—Notices of intent to deduct                                                                     23

Income Tax Assessment Act 1997                                                                             23

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                     28

Part 2—Employer contributions                                                                             29

Income Tax Assessment Act 1997                                                                             29

Part 3—Shortfall interest charge                                                                            32

Taxation Administration Act 1953                                                                          32

Part 4—Excess contributions tax                                                                           33

Income Tax Assessment Act 1997                                                                             33

Part 5—Public sector defined benefit schemes                                               34

Income Tax Assessment Act 1997                                                                             34

Part 6—Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999               35

Part 7—Application and transitional provisions                                             36

A Bill for an Act to amend the law relating to superannuation, and for related purposes

The Parliament of Australia enacts: