Summary
Amends the:
Income Tax Assessment Act 1997
to provide income tax relief to superannuation funds where there is a mandatory transfer of default members’ account balances to a MySuper product in another superannuation fund;
Defence Force Retirement and Death Benefits Act 1973
to make consequential amendments as a result of the proposed
Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013
; and
Fair Work Amendment Act 2012
to: allow contributions for default fund employees to whom a modern award applies to be directed to an employer MySuper product, subject to Fair Work Commission (FWC) approval; increase the maximum number of funds that can generally be specified in a modern award from 10 to 15; require the FWC to review terms in modern awards every four years; and make consequential and technical amendments.