Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello MP)
General outline and financial impact
Requests amendments of Schedule 5 to the Bill dealing with choice of superannuation funds to defer the commencement of the choice of superannuation fund measures, as they relate to new employees, until 1 July 1999. Consequential amendments are made to the commencement provision of the Bill.
Date of effect: The request defer the commencement of the choice of superannuation fund measures, in respect of new employees, until 1 July 1999.
Amendment announced: The Assistant Treasurer announced on 8 April 1998 (Assistant Treasurer's Press Release No. AT/015) that the start date for superannuation choice for new employees would be deferred.
Financial impact: nil.
Compliance cost impact: Nil. Full details of the compliance costs associated with the choice of superannuation fund measures are contained in the Explanatory Memorandum to the Bill.
Chapter 2 provides further guidance on the operation of the anti-streaming measures and general anti-avoidance rule targeting franking credit trading transactions included in Schedule 8 of the Bill.