Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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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

House of Representatives
Introduced and read a first time 09 Nov 2016
Second reading moved 09 Nov 2016
Second reading debate 22 Nov 2016
Second reading agreed to 22 Nov 2016
Third reading agreed to 22 Nov 2016
Senate
Introduced and read a first time 23 Nov 2016
Second reading moved 23 Nov 2016
Second reading debate 23 Nov 2016
Second reading agreed to 23 Nov 2016
Committee of the Whole debate 23 Nov 2016
Third reading agreed to 23 Nov 2016
Finally passed both Houses 23 Nov 2016
Assent
  • Act no: 81
  • Year: 2016
29 Nov 2016

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

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Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.