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ISSN 1328-8091 BILLS DIGEST NO. 81, 2012-13 28 February 2013 Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 Kai Swoboda Economics Section Contents Purpose of the Bill ................................................................................................................................... 2 Background ............................................................................................................................................. 2 SMSF levy arrangements ..................................................................................................................... 4 Proposed measures ............................................................................................................................. 6 Basis of policy

ISSN 1328-8091 BILLS DIGEST NO. 65, 2012-13 5 February 2013 Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 Kai Swoboda Economics Section Contents Purpose of the Bill ................................................................................................................................... 3 Background ............................................................................................................................................. 4 Regulation impact statement .............................................................................................................. 5 Consultation and draft bills ................................................................................................................. 6 Committee consideration .......................................................................................................................

ISSN 1328-8091 Parliamentof Australia Departmentof Parliamentary Services Contents Glossary .................................................................................................................................................... 3 Purpose .................................................................................................................................................... 4 Background .............................................................................................................................................. 5 Basis of policy commitment ................................................................................................................ 6 Committee consideration ................................................................................................................... 7 Policy position of non-government parties/independents ................................................................ 8 The Coalition .................................................................................................................................. 8 Greens ............................................................................................................................................ 8 Independents ................................................................................................................................. 9 Rob Oakeshott, MP. .................................................................................................................. 9 Tony

ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Purpose .................................................................................................................................................... 2 Background .............................................................................................................................................. 2 Family Law superannuation splitting arrangements .......................................................................... 2 Defining retirement savings terms—superannuation, pensions and annuities ................................. 3 Judges and Governors-General pension schemes .............................................................................. 4 Judges ............................................................................................................................................ 4 Governors-General ........................................................................................................................ 5 Basis of policy commitment ..................................................................................................................... 5

ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Purpose .................................................................................................................................................... 3 Background .............................................................................................................................................. 3 Context of this Bill in relation to other proposed changes ................................................................. 4 Cooper Review .................................................................................................................................... 5 Initial Government response to the Cooper Review ..................................................................... 8 Consultation panel ......................................................................................................................... 8 Final Government response .......................................................................................................... 9 Basis

ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Glossary .................................................................................................................................................... 3 Purpose .................................................................................................................................................... 4 Committee consideration ........................................................................................................................ 5 Background and key provisions ............................................................................................................... 5 Schedule 1—Form for portability of superannuation......................................................................... 6 Background .................................................................................................................................... 6 Financial impact ............................................................................................................................. 7 Policy development ....................................................................................................................... 7 Key provisions ................................................................................................................................ 8 Schedule 2—Capital gains

ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Purpose .................................................................................................................................................... 3 Background .............................................................................................................................................. 4 Other proposed superannuation changes .......................................................................................... 5 Summary of Superannuation Guarantee requirements ..................................................................... 5 History of the Superannuation Guarantee ......................................................................................... 7 Economic impact of the Superannuation Guarantee ....................................................................... 10 Superannuation industry overview .................................................................................................. 12 Basis of