Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
This Bill forms part of a package of legislation designed to give a legislative framework for the introduction of a superannuation contributions surcharge for high income earners. The other components of the legislative package are: the Superannuation Contributions Surcharge (Assessment and Collection Bill) 1997, the Termination Payments (Assessment and Collection) Bill 1997, Termination Payments Surcharge Imposition Bill 1997, and the Superannuation Contributions Surcharge (Consequential Amendments) Bill 1997.
Date of effect: 20 August 1996
Proposal announced: The introduction of the superannuation contributions surcharge for high income earners was announced by the Government in the 1996-97 Budget and was incorporated in the Treasurer's Press Release No. 87 of 20 August 1996 entitled 'Superannuation Reform'.
Financial impact: It is estimated that the revenue impact of the package of legislation giving effect to the surcharge will be $480 million in 1997-98, $470 million in 1998-99 and $530 million in 1999-2000.
Compliance cost impact:
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 Collection) Bill 1997.
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