House of Representatives

Superannuation Legislation Amendment (Simplification) Bill 2007

Income Tax Amendment Bill 2007

Income Tax (Former Complying Superannuation Funds) Amendment Bill 2007

Income Tax (Former Non-resident Superannuation Funds) Amendment Bill 2007

Income Tax Rates Amendment (Superannuation) Bill 2007

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello MP)

Glossary

The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
APRA Australian Prudential Regulation Authority
asterisk (*) refers to sections of the ITAA 1997 that are to be created by the main Bill
ATO Australian Taxation Office
CGT capital gains tax
Commissioner Commissioner of Taxation
ETP eligible termination payment
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
main Bill Tax Laws Amendment (Simplified Superannuation) Bill 2006
RBL reasonable benefit limit
RSA retirement savings account
SG superannuation guarantee
TAA 1953 Taxation Administration Act 1953
TFN tax file number
this Bill Superannuation Legislation Amendment (Simplification) Bill 2007