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24 Jun 10 Superannuation Legislation Amendment Bill 2010 introduced

On 24 June 2010, Superannuation Legislation Amendment Bill 2010 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the Superannuation (Unclaimed Money and Lost Members) Act 1999, and the ITAA 1997 to:

  • facilitate state and territory authorities and public sector superannuation schemes paying unclaimed superannuation moneys to the Commissioner of Taxation (Commissioner);
    and
  • enable the Commissioner to accept, and subsequently pay out, amounts transferred by state and territory authorities and public sector superannuation schemes.

SCHEDULE 2 and clause 4 of the Bill provide transitional relief for income tax deductibility of total and permanent disability (TPD) insurance premiums paid by superannuation funds by amending the Income Tax (Transitional Provisions) Act 1997 and the ITAA 1997. The transitional relief will provide complying superannuation funds, for the 2004-05 to 2010-11 income years, with a greater scope to deduct premiums paid for insurance cover commonly regarded as TPD insurance.

Date of effect: The income years 2004-05 to 2010-11.

SCHEDULE 3 to the Bill amends the Superannuation Industry (Supervision) Act 1993 (SIS Act 1993) to allow the trustee of a regulated superannuation fund to acquire an asset in specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition against related party acquisitions. This Schedule also amends Subdivision D of Division 1 of Part 8 of the SIS Act 1993 to ensure equitable application of the transitional arrangements in relation to in-house assets where an asset transfer occurs as the result of the relationship breakdown of a member of the fund.

Date of effect: These amendments will apply in relation to assets acquired by a superannuation fund trustee or investment manager on or after the date of Royal Assent.

SCHEDULE 4 to the Bill makes a number of minor amendments to improve the operation of the superannuation sections of the income tax legislation. These amendments include:

  • allowing a deduction for eligible contributions to be claimed from successor superannuation funds after 1 July 2011;
  • 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;
  • providing a regulation making power to specify additional circumstances when a benefit from a public sector superannuation scheme will have an untaxed element; and
  • streamlining references to the Immigration Secretary and Immigration Department.

These amendments were announced in the 2010-11 Budget.

Date of effect: These amendments generally commence on the day after Royal Assent.

 


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