Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
Superannuation Contributions Surcharge (Consequential Amendments) Bill
This Bill makes a number of consequential amendments to the Income Tax Assessment Act 1936 , the Retirement Savings Accounts Act 1997 , the Superannuation Industry (Supervision) Act 1993 , the Superannuation (Resolution of Complaints) Act 1993 and the Taxation (Interest on Overpayments and Early Payments) Act 1983 . These changes are required to give effect to the 1996-97 Budget announcement, on 20August 1996, of the introduction of a superannuation contributions surcharge for high income earners.
Date of effect: The amendments apply from the day on which the Bill receives the Royal Assent.
Proposal announced: The proposed superannuation contributions surcharge for high income earners was announced by the Treasurer on 20 August 1996 as part of the 1996-97 Budget.
Financial impact: The financial impact of this Bill is considered to be negligible. Full details of the financial impact of the surcharge measures is contained in the Explanatory Memorandum to the Superannuation Contributions Surcharge (Assessment and Collections) Bill 1997.
Compliance cost impact: The compliance costs of this Bill are considered to be negligible. Full details of the compliance costs associated with the surcharge measures are contained in the compliance cost statement in the Explanatory Memorandum to the Superannuation Contributions Surcharge (Assessment and Collections) Bill 1997.