Navigation: Previous Page | Contents | Next Page
Superannuation Legislation Amendment
(Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements)
Bill 2013
Introduced into the House of
Representatives on 13 February 2013
Portfolio: Treasury
1.1
This bill
introduces reforms to the self-managed superannuation fund (SMSF) supervisory
levy arrangements. The purpose is to ensure timely collection of the levy and a
higher level of cost recovery in relation to the Australian Taxation Office’s
costs of regulating the sector are fully recovered.
1.2
Specifically,
the bill increases the maximum levy payable by a trustee of a SMSF for a year
of income from $200 to $300 from the 2013-14 income year onwards. It also
provides that the regulations may specify when the SMSF levy is due and payable
so that the amount may be levied and collected in the same income year.
Compatibility with human
rights
1.3
The bill is
accompanied by a self-contained statement of compatibility, which concludes
that the bill does not engage any human rights.[1]
1.4
The area of
superannuation, including self-managed superannuation funds, is likely to
engage the right to an adequate standard of living in article 11 of the International
Covenant on Economic, Social and Cultural Rights (ICESCR) and the right to
social security in article 9 of the ICECSR. The impact on the enjoyment of
those rights by the imposition of the increased levy and changing the timing
for its payment appears minimal.
1.5
The
committee considers that this bill does not appear to give rise to any human
rights concerns.
Navigation: Previous Page | Contents | Next Page
Top
|