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2010-2011
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF REPRESENTATIVES
superannuation guarantee (Administration) Amendment Bill 2011
SUPPLEMENTARY EXPLANATORY MEMORANDUM
Amendments to be moved on behalf of the Government
(Circulated by the
authority of the
Deputy Prime Minister and Treasurer, the Hon Wayne Swan
MP)
T able of contents
General outline and financial impact............................................................ 5
Chapter 1 Amendment to the Superannuation Guarantee (Administration) Amendment Bill 2011....................................................................................... 7
Amendment to the Superannuation Guarantee (Administration) Amendment Bill 2011
This amendment removes the superannuation guarantee maximum age limit.
Proposal announced : This amendment was announced in the Assistant Treasurer’s Media Release No. 146 of 2 November 2011.
Date of effect : The amendment commences on 1 July 2013. It is dependent on the passing of the Minerals Resource Rent Tax package.
Financial impact : T he cost of removing the superannuation guarantee maximum age limit is a net fiscal gain in underlying cash terms. This comes from the tax receipt of superannuation guarantee contributions less payments made under the low income superannuation contribution measure.
|
2011-12 |
2012-13 |
2013-14 |
2014-15 |
|
nil |
nil |
$7m |
$5m |
Compliance cost impact : Low.
Amendment 1
1.1 This amendment removes the exclusion relating to the age of an employee at which superannuation guarantee no longer needs to be provided.
1.2 From 1 July 2013, employers will no longer be able to avoid or cease making superannuation guarantee contributions on behalf of eligible employees who are 75 years of age or over.