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03 Dec 12 Unlawful Payments from Regulated Superannuation Funds Bills introduced

On 29 November 2012, Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 and Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012 were introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 (Bill) amends the Superannuation Industry (Supervision) Act 1993 and provides for civil and criminal penalties for the promotion of illegal early release schemes.

SCHEDULE 2 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

SCHEDULE 3 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 amends the Superannuation Industry (Supervision) Act 1993 and the Taxation Administration Act 1953 and provides for administrative consequences for contraventions relating to SMSFs by introducing:

  • rectification and education directions which may be issued by the Commissioner for contraventions of the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994; and
  • an administrative penalty regime for SMSF trustees for certain contraventions of the Superannuation Industry (Supervision) Act 1993.

The Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012 (ITR Bill) amends the Income Tax Rates Act 1986 to ensure that superannuation benefits received in breach of legislative requirements are taxed at 45%.

 


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