Second Reading Speeches

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Not Proceeding
Parliament no
45

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Summary

Amends the:

Income Tax Assessment Act 1997
and
Superannuation Guarantee (Administration) Act 1992
to provide for a one-off 12 month amnesty to encourage employers to self-correct historical superannuation guarantee non-compliance;
Superannuation Guarantee (Administration) Act 1992
to enable certain employees with multiple employers to apply for an employer shortfall exemption certificate which prevents their employer from having a superannuation guarantee shortfall if they do not make contributions for a period;
Administrative Decisions (Judicial Review) Act 1977
to make consequential amendments;
Income Tax Assessment Act 1997
to ensure that a superannuation entity’s non-arm’s length income includes income where expenditure in gaining or producing it was not an arm’s length expense; and
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to ensure that, in certain circumstances involving limited recourse borrowing arrangements, the total value or a superannuation fund’s assets is taken into account in working out individual members’ total superannuation balances.