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16 May 13 Increased concessional contributions cap and high earner super measures Bills introduced into Parliament

On 15 May 2013, Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 and Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013 were introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum to both Bills.

SCHEDULE 1 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 amends the ITAA 1997 and the Income Tax (Transitional Provisions) Act 1997 to increase the concessional contributions cap temporarily to $35,000 for the 2013-14 financial year for individuals aged 60 years and over, and to $35,000 for the 2014-15 financial year and later financial years for individuals aged 50 years and over. The temporary cap will cease when the general cap indexes to $35,000. This measure applies to the 2013-14 financial year and later financial years.

SCHEDULE 2 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 amends the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 in order to make technical changes to ensure the low income superannuation contribution operates effectively.

SCHEDULE 3 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 amends the income tax and superannuation law and the Taxation Administration Act 1953 to reduce the tax concession for concessionally taxed superannuation contributions of very high income earners by 15 per cent. The Superannuation (Sustaining the Contribution Concession) Imposition Bill 2013 contains the mechanism by which the tax concession is reduced.

SCHEDULE 4 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 also makes consequential amendments to legislation concerning some of the Commonwealth defined benefit superannuation plans where members of those plans are affected by the reduction in the tax concession for concessionally taxed superannuation contributions.

In media release No 2013/041, issued 15 May 2013, the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, Bill Shorten, commented on the Bill

 


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