Inquiry into the provisions of the Tax Laws Amendment (Simplified Superannuation) Bill 2006 and five related bills
Information about the Inquiry
On 7 December 2006, the Senate referred the provisions of the following bills to the Standing Committee on Economics for inquiry and report by 6 February 2007:
- Tax Laws Amendment (Simplified Superannuation) Bill 2006
- Superannuation (Excess Concessional Contributions Tax) Bill 2006
- Superannuation (Excess Non-concessional Contributions Tax) Bill 2006
- Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006
- Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006, and
- Superannuation (Self Managed Superannuation Funds) Supervisory Levy Amendment Bill 2006.
These bills implement the Government’s simplified superannuation reforms; and rewrite the superannuation taxation law into the Income Tax Assessment Act 1997 to 'present a clear picture of the taxation of superannuation'.
The Government expects that the measures proposed in the bills will:
- simplify superannuation arrangements for retirees making them easier to understand;
- improve incentives to work and save; and
- introduce greater flexibility in how superannuation savings can be drawn down in retirement.
The Committee invites written submissions which should be sent to:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
The closing date for submissions is Monday, 15 January 2007. Please note that no late submissions will be accepted.
The Committee intends to hold a public hearing into the bills on Tuesday, 30 January 2007.
The Committee requests that where possible, submissions should also be provided by email to economics.sen@aph.gov.au, preferably as MS Word 97 or RTF format documents. Notes to assist in preparing submissions are available from the website https://www.aph.gov.au/senate/committee/wit_sub/index.htm or telephone the Secretariat on 02 6277 3540, fax: 02 6277 5719, or e-mail at the above address.
Once the Committee accepts your submission, it becomes a confidential committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee’s permission. If you do, it is not protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public. Please indicate if you want your submission to be kept confidential.
Inquiries from hearing and speech impaired people should be directed to the Parliament House TTY number (02 6277 7799). Adobe also provides tools for the blind and visually impaired to access PDF documents. These tools are available at: http://access.adobe.com/. If you require any special arrangements in order to enable you to participate in a committee inquiry, please contact the Committee Secretary.
If you need any further information, contact the Committee's Inquiry Secretary:
before 15 January 2007, Mr David Sullivan, on (02) 6277 3171 (phone), (02) 6277 5719 (fax);
after 15 January 2007, Mr Peter Hallahan, on (02) 6277 3541 (phone), (02) 6277 5719 (fax); or by email to economics.sen@aph.gov.au or by writing to:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
Email: economics.sen@aph.gov.au
For further information, contact:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia