Summary
Introduced with the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013, the bill amends: the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to increase the superannuation concessional contributions cap to $35 000 for the 2013-14 financial year for individuals aged 60 years and over, and to $35 000 for the 2014-15 financial year and later financial years for individuals aged 50 years and over; the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make technical amendments; the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to reduce the tax concession that individuals whose income exceeds $300 000 receive on their concessionally taxed superannuation contributions made from 1 July 2012 to 15 per cent; and eight Acts to make consequential amendments.