TABLE OF CONTENTS
CHAPTER 1 - OVERVIEW
CHAPTER 2 THE SURCHARGE LEGISLATION
Introduction
How are surcharge payments calculated?
How will the surcharge be collected?
Other major features of this legislation
How does the surcharge alter the taxation of superannuation?
Combined effect of tax plus surcharge
Taxation of Eligible Termination Payments (ETPs)
The Bills
Superannuation Contributions Surcharge (Assessment and Collection)
Bill
Superannuation Contributions Surcharge (Consequential Amendments)
Bill
Schedule 1 - Amendments to the Income Tax Assessment Act
Schedule 2 - Amendments to the Retirement Savings Accounts Act
Schedule 3 - Amendments to the Superannuation Industry (Supervision)
Act
Schedule 4 - Amendments to the Superannuation (Resolution of Complaints)
Act
Schedule 5 - Amendments to the Taxation (Interest on Overpayments
and Early Payments) Act
Superannuation Contributions Surcharge Imposition Bill
Termination Payments Surcharge (Assessment and Collection) Bill
Part 1 - Preliminary details
Part 2 - Liability to surcharge
Part 3 - Assessment and collection of surcharge
Part 4 - Recovery of unpaid surcharge and advance instalments
Part 5 - Administration
Part 6 - Miscellaneous.
Termination Payments Surcharge Imposition Bill
Superannuation Contributions Surcharge (Application to the Commonwealth)
Bill
Superannuation Contributions Surcharge (Application to the Commonwealth
Reduction of Benefits) Bill
CHAPTER 3 CONSTITUTIONAL ISSUES
Possible Invalidity
Taxation on the Property of a State
Discrimination between the States
Remuneration of Federal Justices
Other Issues Relating to the Judiciary
Constitutional AuthorityAcquisition of Property
CHAPTER 4 THE PROPOSED COLLECTION MECHANISM
Issues in relation to the proposed collection mechanism
Complexity
Efficiency
Compliance costs of superannuation providers
Employers' costs
Superannuation providers' compliance costs - equity implications
Superannuation providers' compliance costs - liquidity implications
ATO's collection costs
The advance instalments system
Government position
CHAPTER 5 TARGETING AND EQUITY
Introduction
Tax File Number collection
Government and ATO initiatives to facilitate use of TFNs
Definition of assessable income
Government position on assessable income
Uneven income patterns
Other issues
Alternative methods of addressing equity issues
CHAPTER 6 ALTERNATIVES TO THE PROPOSED COLLECTION
MECHANISM
CHAPTER 7 REVENUE
Financial implications
Members who have retired since the surcharge announcement
Avoidance
Repackaging
Other issues
CHAPTER 8 PRIVACY
Overview
Another extension to the use of TFNs
Voluntary quotation principle
Personal information not covered by privacy laws
Safeguards
Monitoring privacy compliance by the superannuation industry
CHAPTER 9 DEFINED BENEFITS SCHEMES AND ACTUARIAL
STANDARDS
Introduction
Notional Employer Contributions
Commutation Rules
Particular Schemes
Possible Alternatives
Government position
CHAPTER 10 CONCLUSIONS AND RECOMMENDATIONS
Government Senators' conclusions and recommendation
Non-Government Senators' conclusions and recommendations
That the surcharge is a tax
Eligible Termination Payments (ETPs)
Defined Benefits Schemes
Guidelines
The proposed collection mechanism and alternatives
Recommendations
Conclusion
Australian Democrat Senators' supplementary conclusions and recommendations
Appendix 1 - List of Written Submissions
Appendix 2 - List of Witnesses at Public Hearings
Appendix 3 - List of Committee Reports
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