18 Jan 1111 Exposure Draft: Reportable employer superannuation contributions
On 30 June 2010, the former Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced a reform to clarify the scope of the reportable employer superannuation contributions definition, which is used in determining eligibility for a range of means-tested government financial assistance programs.
Treasury has now released draft legislation which will amend the definition to exclude particular contributions required by an Australian law, as defined in the ITAA 1997, over which an employee and their employer have no real capacity to influence. The draft amendments do not affect the inclusion of contributions made under a formal salary sacrifice agreement over which an employee has capacity to influence.
The closing date for submissions on the draft legislation is Friday, 11 February 2011.