The Government will make a number of minor amendments to improve the operation of the superannuation legislation, with intended effect from the 2010-11 income year.
The amendments will include:
- permanently allowing a claim for a deduction for eligible contributions to be made to successor superannuation funds;
- increasing the time-limit for deductible employer contributions made for former employees;
- clarifying the due date of the shortfall interest charge for the purposes of excess contributions tax;
- allowing the Commissioner of Taxation to exercise discretion for the purposes of excess contributions tax before an assessment is issued; and
- providing new arrangements for public sector defined benefit schemes which fund benefits through "last minute contributions".
See Budget Paper No 2 pp 49-50.