- Date
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24 May 2018
- Chamber
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House of Representatives
- Status
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Not Proceeding
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Portfolio
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Treasury
- Summary
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Amends the:
Income Tax Assessment Act 1997
and Superannuation Guarantee (Administration) Act 1992
to provide for a one-off 12 month amnesty to encourage employers to self-correct historical superannuation guarantee non-compliance; Superannuation Guarantee (Administration) Act 1992
to enable certain employees with multiple employers to apply for an employer shortfall exemption certificate which prevents their employer from having a superannuation guarantee shortfall if they do not make contributions for a period; Administrative Decisions (Judicial Review) Act 1977
to make consequential amendments; Income Tax Assessment Act 1997
to ensure that a superannuation entity’s non-arm’s length income includes income where expenditure in gaining or producing it was not an arm’s length expense; and Income Tax Assessment Act 1997
, Taxation Administration Act 1953
and Income Tax (Transitional Provisions) Act 1997
to ensure that, in certain circumstances involving limited recourse borrowing arrangements, the total value of a superannuation fund’s assets is taken into account in working out individual members’ total superannuation balances.