Footnotes

The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013

[1]        See The Hon Bernie Ripoll MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, Proof House of Representatives Hansard, 13 February 2013, p. 5.

[2]        Australian Government, Mid-Year Economic and Fiscal Outlook 2012–13, October 2012, p. 179.

[3]        Based on APRA data: Australian Prudential Regulation Authority, Annual superannuation bulletin, June 2012 (issued 9 January 2013), p. 40.

[4]        Explanatory memorandum, paragraph 1.4.

[5]        Financial System Inquiry, Final Report, March 1997, p. 532; cited in Australian National Audit Office, The Australian Taxation Office's Approach to Regulating and Registering Self Managed Superannuation Funds, Audit Report no. 52 2006–07, June 2007, p. 68.

[6]        Financial System Inquiry, Final Report, March 1997, p. 532. The Wallis Inquiry recommended that 'as far as practicable', direct service fees should be used for specific services provided and levies on sectors of industry to cover the general costs of regulation undertaken at the discretion of the regulator.

[7]        SMSFs came into existence in 1999 when the Superannuation Legislation Amendment Act (No. 3) 1999 repealed the term 'excluded fund'—which was a superannuation fund with fewer than five members—and replaced it with SMSFs and small APRA funds. The levy that was imposed on excluded funds was retained for SMSFs, although the amount of the levy was reduced.

[8]        Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991, s. 6.

[9]        Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991, r. 4.

[10]      The Hon Bernie Ripoll MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, Proof House of Representatives Hansard, 13 February 2013, p. 5.

[11]      Superannuation (Self Managed Superannuation Funds) Taxation Act 1987, s. 15DA.

[12]      The annual return is due on: (a) 31 October if the SMSF is not a new registrant and prepares their own return; (b) 28 February for new registrants; or (c) according to the ATO's tax agent lodgement program if the return is prepared by a tax agent. ATO, 'Guide to self-managed superannuation funds', www.ato.gov.au/superfunds/content.aspx?menuid=0&doc=/content/
00251857.htm&page=33#P777_46648 (accessed 18 February 2013).

[13]      Schedule 1, item 6 of the bill.

[14]      Schedule 1, item 2 of the bill.

[15]      The Hon Bernie Ripoll MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, Proof House of Representatives Hansard, 13 February 2013, p. 5.

[16]      The Hon Bernie Ripoll MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, Proof House of Representatives Hansard, 13 February 2013, p. 5.

[17]      Australian Taxation Office, 'Reform of SMSF levy arrangements', 6 November 2012,
www.ato.gov.au/superfunds/content.aspx?doc=/content/00337306.htm&pc=001/149/030/003/004&mnu=53448&mfp=001/149&st (accessed 18 February 2013).

[18]      The Hon Bernie Ripoll MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, Proof House of Representatives Hansard, 13 February 2013, p. 5.

[19]      Australian National Audit Office, The Australian Taxation Office's Approach to Regulating and Registering Self Managed Superannuation Funds, Audit Report no. 52 2006–07, June 2007, p. 68.

[20]      Explanatory statement, Select Legislative Instrument 2007 No. 75, p. 3.

[21]      Australian National Audit Office, The Australian Taxation Office's Approach to Regulating and Registering Self Managed Superannuation Funds, p. 67.

[22]      Explanatory statement, Select Legislative Instrument 2011 No. 68 [p. 1]; Explanatory statement, Select Legislative Instrument 2012 No. 132 [p. 1].

[23]      See Proof Committee Hansard, 14 March 2013, pp. 13–14.

[24]      Australian Institute of Superannuation Trustees, Submission 1, pp. 1–2.

[25]      Association of Superannuation Funds of Australia, Submission 2, p. 1.

[26]      Self Managed Superannuation Funds Professionals' Association of Australia, Submission 3, p. 1.

[27]      Self Managed Superannuation Funds Professionals' Association of Australia, Submission 3, p. 6.

[28]      Mrs Alison Lendon, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, p. 9.

[29]      Mr Brett Peterson, Assistant Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, pp. 9, 10.

[30]      Proof Committee Hansard, 14 March 2013, p. 12.

[31]      Mr Brett Peterson, Assistant Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, p. 10.

Coalition Members' Additional Comments

[1]        Mr Brett Peterson, Assistant Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, p. 15.

[2]        Mrs Alison Lendon, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, p. 9.

[3]        Mr Brett Peterson, Assistant Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 14 March 2013, p. 10.