- Date
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29 Nov 2012
- Chamber
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House of Representatives
- Status
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Not Proceeding
-
Portfolio
-
Treasury
- Summary
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Introduced with the Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012, the bill amends the:
Superannuation Industry (Supervision) Act 1993
to provide for civil and criminal penalties for persons who promote a scheme that has resulted, or is likely to result, in the illegal early release of superannuation benefits; Anti-Money Laundering and Counter-Terrorism Financing Act 2006
to require that superannuation benefits that are rolled over into self-managed superannuation funds (SMSFs) are captured as a designated service; and Superannuation Industry (Supervision) Act 1993
and Taxation Administration Act 1953
to provide for administrative directions and penalties for contraventions relating to SMSFs.