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.