Inquiry into the Tax Laws Amendment (2009 Budget Measures No. 1) Bill
Information about this Inquiry
Under the order of the Senate on 14 May 2009, the Tax Laws Amendment (2009 Budget Measures No. 1) Bill 2009 was referred to the Senate Economics Legislation Committee upon its introduction into the House of Representatives on 27 May 2009.
Schedule 1 of the bill amends section 23AG of the Income Tax Assessment Act 1936 to limit its scope to foreign employment income derived by Australian resident individuals only in specific circumstances.
Schedule 2 will temporarily reduce the matching rate and maximum co-contribution that is payable on an individual's eligible personal superannuation contributions.
Schedule 3 will reduce the concessional contributions cap to $25,000 per anum (indexed) from the 2009-2010 financial year. The reduced cap will apply to all concessional superannuation contributions made in the 2009-2010 and later financial years. Schedule 3 will also reduce the transitional concessional contributions cap (applicable to all individuals aged 50 and over) to $50,000 per annum (not indexed) for the 2009-10, 2010-11 and 2011-12 financial years.
Reporting date is 22 June 2009.
The Committee invites written submissions which should be sent to:
Senate Economics Committee
Department of the Senate
PO Box 6100
Canberra ACT 2600
The closing date for submissions is Tuesday, 9 June 2009.
The Committee requests that where possible, submissions should also be provided by email to firstname.lastname@example.org. Notes to assist in preparing submissions are available from the website https://www.aph.gov.au/senate/committee/wit_sub/index.htm or telephone the Secretariat on 02 6277 3540, fax: 02 6277 5719, or email at the above address.
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For further information, contact:
Senate Standing Committees on Economics
PO Box 6100
Canberra ACT 2600