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Second Reading Speeches

Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the:

Superannuation Guarantee (Administration) Act 1992
to remove the $450-a-month threshold before an employee's salary or wages count towards the superannuation guarantee;
Taxation Administration Act 1953
to increase the limit on the maximum amount of voluntary contributions made over multiple financial years that are eligible to be released under the First Home Super Saver Scheme from $30 000 to $50 000;
Income Tax Assessment Act 1997
to: enable individuals aged 60 and above to make downsizer contributions to their superannuation plan from the proceeds of selling their home; apply the work test to individuals aged between 67 and 75 who claim a deduction for personal superannuation contributions and allow such individuals to make or receive non-concessional superannuation contributions under the bring forward rule; and enable superannuation trustees to choose their preferred method of calculating exempt current pension income when they have member interests in both accumulation and retirement phases for part, but not all, of the income year; and
Income Tax (Transitional Provisions) Act 1997
to extend the temporary full expensing regime to 30 June 2023.

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