20 Oct 1010 Superannuation Legislation Amendment Bill 2010 passed by House
On 19 October 2010, Superannuation Legislation Amendment Bill 2010 was passed by the House of Representatives without amendment.
The Bill amends:
- Superannuation (Unclaimed Money and Lost Members) Act 1999 and ITAA 1997 in relation to the transfer of unclaimed superannuation monies from states and territories to the Commissioner of Taxation;
- ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to provide transitional relief from income tax deductibility of total and permanent disability insurance premiums paid by superannuation funds;
- Superannuation Industry (Supervision) Act 1993 in relation to superannuation and relationship breakdowns;
- ITAA 1997 and Tax Laws Amendment (2009 Measures No 6) Act 2010 in relation to deduction notices for successor funds;
- ITAA 1997 in relation to: deductible employer contributions for former employees; excess contributions tax assessments; and treatment of untaxed elements of public sector defined benefit schemes; and
- Taxation Administration Act 1953 to clarify the due date of the shortfall interest charge for excess contributions tax; and Superannuation (Unclaimed Money and Lost Members) Act 1999 to change references to the Immigration Secretary and Immigration Department.
The Bill also makes a number of consequential amendments. For a copy of the Explanatory Memorandum, go here
The Bill now proceeds to the Senate.