Senate

Superannuation Laws Amendment (Small Accounts and Other Measures) Bill 1995

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Ralph Willis, MP)
THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES TO THE BILL AS INTRODUCED

General outline and financial impact 1

This Bill makes a number of consequential amendments to the Fringe Benefits Tax Assessment Act 1986 , the Income Tax Assessment Act 1936 , the Superannuation Guarantee (Administration) Act 1992 , the Superannuation Entities (Taxation) Act 1987, the Superannuation Industry (Supervision) Act 1993, the Taxation Administration Act 1953 and the Social Security Act 1991. The Bill also repeals the Superannuation (Rolled-Over Benefits) Levy Act 1993. These changes are required to give effect to the announcement by the Treasurer dated 28 June 1994 entitled 'Superannuation Policy - Statement of Measures' .

Date of effect: 1 July 1995

Proposal announced: The system was announced in the Government's Statement of Superannuation Policy Measures, as circulated by the Treasurer on 28 June 1994.

Financial impact: The financial impact of this Bill is considered to be negligible.

Compliance cost impact: The compliance costs of this Bill are considered to be negligible.

The main measures to implement the member protection component of the Government's Statement are expected to be contained in the Superannuation Industry (Supervision) Regulations as operating standards prescribed pursuant to Part 3 of the Superannuation Industry (Supervision) Act 1993 . These measures are expected to increase compliance costs.