Treasury has released for public consultation an exposure draft of the expanded superannuation reporting legislation and the accompanying explanatory material.
The legislation will amend the Income Tax Administration Act 1953 to expand the information required to be reported by superannuation providers in respect of their members. Under the revised reporting obligations, superannuation providers will be required to provide statements for all members who held an interest in the fund at any time during the reporting period, not just those for whom contributions are received.
These amendments will allow the ATO to display more comprehensive superannuation information to individuals, facilitate the consolidation of lost and inactive accounts with a balance below $1,000 and the increased concessional contributions cap for members with balances of less than $500,000 from 1 July 2014.
The closing date for submissions is Friday 10 August 2012.