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Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 was made on 12 December 2013 and registered on the Federal Register of Legislative Instruments on 16 December 2013 as Select Legislative Instrument 2013 No 278.

The regulation amends the Retirement Savings Accounts Regulations 1997, Superannuation Contributions Tax (Assessment and Collection) Regulations 1997, and the Superannuation Industry (Supervision) Regulations 1994 to enable the release of superannuation to pay tax arising from certain superannuation contributions and updates listings of exempt public sector and unfunded defined benefit superannuation schemes.

The Explanatory Statement states as follows:

"The Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013, amended the Income Tax Assessment Act 1997 (ITAA 1997) and other tax legislation to establish a fairer system for the taxation of individuals with certain superannuation contributions from pre-tax sources (concessional contributions) in excess of their annual cap. This is achieved by including these excess concessional contributions (ECCs) in an individual’s assessable income and applying a charge in respect of these ECCs.

The Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 introduced the Division 293 tax, being a 15% tax on certain superannuation contributions of very high income earners. The Division 293 tax ensures that tax concessions received by very high income earners on their superannuation contributions are more closely aligned with concessions received by average income earners.

The amendments providing for the reforms to the taxation of ECCs and for Division 293 tax also enable an amount to be released from an individual’s superannuation or income stream under a release authority to meet their consequential tax liability. The Regulation makes amendments to the RSA and SIS regulations to enable superannuation providers to make these payments if they are given a release authority."

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.

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