Summary
Amends the:
Income Tax Assessment Act 1936
to remove the requirement for certain pension providers to obtain an actuary’s certificate to qualify for tax exemptions;
Income Tax Assessment Act 1997
to require taxpayers under age 18 to satisfy a work test in order to claim a tax deduction for personal superannuation contributions;
Retirement Savings Accounts Act 1997
to align the portability request time frame applying to retirement savings account providers with that of superannuation providers;
Superannuation Guarantee (Administration) Act 1992
to simplify the superannuation guarantee earnings base arrangements; and
Superannuation Industry (Supervision) Act 1993
to correct a cross-referencing error in relation to cancellation of registrable superannuation entity licences. Also contains application provisions.