30 May 13 Increased Concessional Contributions Cap and Other Measures Bills passed by House
On 29 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 passed by the House of Representatives without amendment.
Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 amends:
- ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to increase the superannuation concessional contributions cap 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;
- Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make technical amendments;
- ITAA 1997 and Taxation Administration Act 1953 to reduce the tax concession that individuals whose income exceeds $300,000 receive on their concessionally taxed superannuation contributions made from 1 July 2012 to 15%; and
- eight Acts to make consequential amendments.
In media release No 2013/046, issued 29 May 2013, the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, Bill Shorten, commented on the passage of the Bill.
Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013 imposes a 15% tax on income earners whose income and concessionally taxed superannuation contributions exceed $300,000 for an income year.
The Bills now proceed to the Senate.