Property and Construction Industry Partnership minutes - 24 May 2007

5. Simple super presentation

Grahame Rees gave a presentation on the changes to superannuation covering:

• the overall framework and overview of the changes
• the payment and taxation of contributions
• the payment and taxation of benefits
• the need for quotation of TFN, and
• issues for businesses and employers, including changes to employment termination payments, the requirement for quoting TFN to super funds, and the new employment declaration forms as of 1 July 2007.

Members were directed to the Tax Office and Treasury websites for further information at:

• Better Super
• Changes to Super, and
• Simplified Super.

The super is changing fact sheet in particular is of relevance to employers.

Please note: the Better Super website was removed in October 2007.

Sections within Agenda items

• 1. Welcome, apologies, previous minutes, draft charter
• 2. Update on discussions between the Tax Office and Property Council of Australia (PCA)
• 3. Development leases - revised approach
• 4. Update on Building and Construction Forum
• 5. Simple super presentation
• 6. Partitioning of real property - discussion paper and technical issues update
• 7. Update on priority technical issues
• 8. Budget changes and update on small business alignment