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Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013

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2010-2011-2012-2013

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

 

Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013

CORRECTION TO THE

EXPLANATORY MEMORANDUM

General outline and financial impact

On page 3 of the explanatory memorandum, omit ‘ Financial impact:  The reform of the SMSF levy arrangements will have the following financial impact:

 

2012-13

2013-14

2014-15

2015-16

Revenue

-

$70.0m

$164.0m

$88.0m

Expense

$0.6m

$1.3m

$0.8m

$0.5m





and substitute ‘ Financial impact :  The reform of the SMSF levy arrangements will have the following impact on the underlying cash balance.  The table includes both the increase in levy receipts and additional funding for administration of the change.

2012-13

2013-14

2014-15

2015-16

-$0.6m

$66.7m

$137.2m

$53.5m

                                                                                               

(Circulated by the authority of the

Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, the Hon Bill Shorten MP)