2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012

 

No.      , 2012

 

 

 

 

 

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

   

   

Contents

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

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

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

Schedule 1—Merging superannuation funds                                                        3

Part 1—Extending the application of Division 310                                        3

Income Tax Assessment Act 1997                                                                               3

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                       3

Part 2—Further amendments of Division 310                                                   4

Income Tax Assessment Act 1997                                                                               4

Part 3—Application provision                                                                                   7

Schedule 2—Approved SMSF auditors                                                                    8

Part 1—Main amendments                                                                                          8

Superannuation Industry (Supervision) Act 1993                                                 8

Part 2—Other amendments                                                                                       24

Superannuation Industry (Supervision) Act 1993                                               24

Taxation Administration Act 1953                                                                          34

Part 3—Application and transitional provisions                                             35

Schedule 3—Expanded superannuation reporting                                          38

Taxation Administration Act 1953                                                                          38

Schedule 4—Improving efficiency and data quality in the superannuation system           40

Part 1—Superannuation Industry (Supervision) Act 1993                       40

Division 1—Information register for data and payment standards                  40

Superannuation Industry (Supervision) Act 1993                                               40

Division 2—Monitoring                                                                                             42

Superannuation Industry (Supervision) Act 1993                                               42

Division 3—Tax file numbers                                                                                   45

Superannuation Industry (Supervision) Act 1993                                               45

Part 2—Retirement Savings Accounts Act 1997                                           49

Division 1—Information register for data and payment standards                  49

Retirement Savings Accounts Act 1997                                                                  49

Division 2—Monitoring                                                                                             51

Retirement Savings Accounts Act 1997                                                                  51

Division 3—Tax file numbers                                                                                   53

Retirement Savings Accounts Act 1997                                                                  53

Part 3—Minor amendments relating to eligible superannuation entities 57

Income Tax Assessment Act 1936                                                                             57

Retirement Savings Accounts Act 1997                                                                  58

Superannuation Industry (Supervision) Act 1993                                               58

Superannuation Legislation Amendment (Stronger Super) Act 2012              60

Taxation Administration Act 1953                                                                          60

 

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

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.
2.  Schedule 1, Part 1	The day this Act receives the Royal Assent.
3.  Schedule 1, Part 2	1 October 2011.	1 October 2011
4.  Schedule 1, Part 3	The day this Act receives the Royal Assent.
5.  Schedule 2	31 January 2013.	31 January 2013
6.  Schedule 3	The day this Act receives the Royal Assent.
7.  Schedule 4, Part 1, Division 1	The day after this Act receives the Royal Assent.
8.  Schedule 4, Part 1, Division 2	Immediately after the commencement of the provision(s) covered by table item 5.	31 January 2013
9.  Schedule 4, Part 1, Division 3	The day after this Act receives the Royal Assent.
10.  Schedule 4, Parts 2 and 3	The day after this Act receives the Royal Assent.

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.