Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
This Bill contains transitional provisions relating to the Superannuation (Unclaimed Money and Lost Members) Bill 1999 (the New Act) and makes consequential amendments to the New Act, the Financial Transaction Reports Act 1988, the Income Tax Assessment Act 1936, the Retirement Savings Accounts Act 1997, the Small Superannuation Accounts Act 1995, the Superannuation Act 1976, the Superannuation Act 1990, the Superannuation Industry (Supervision) Act 1993 and the Taxation Administration Act 1953.
Date of effect: Subject to transitional arrangements, this Bill will apply from Royal Assent.
Proposal announced: Not previously announced. Financial impact: A small unquantifiable increase in revenue is expected to result from superannuation money paid from State and Territory unclaimed money registers being taxed in the same manner as superannuation money paid from complying superannuation funds, retirement savings accounts and the Commonwealth unclaimed money register. Administration costs for Commonwealth, State and Territory unclaimed money registers will be substantially reduced through provisions facilitating greater co-operation between the registers and extending the use of tax file numbers to the Commonwealth lost members register and the State and Territory unclaimed money registers.
Compliance cost impact: Minimal.