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Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

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
     

[Information on document types]

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

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

 MS-Word PDF HTML
  • Opposition [sheet 7980]
GALLAGHER, Sen Katy

 MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (10/11/2016): Senate Economics Legislation Committee; Committee report (23/11/2016)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)