Footnotes

Chapter 1 - Introduction

[1]        Senator the Hon. Nick Sherry, 'Temporary residents legislation introduced', Media release 059, 25 September 2008. The total number of 'lost members' (including both temporary residents and domestic workers) now exceeds 6 million and their inactive accounts have over $12 billion in assets; Explanatory Memorandum, p. 53.

[2]        Explanatory Memorandum, p. 54, citing the 2007-08 Mid-Year Economic and Fiscal Outlook.

 

Chapter 2 - Taxation aspects of the bill

[1]        Mr Nigel Murray, Treasury, Proof Committee Hansard, 3 November 2008, p. 20.

[2]        Mr John Fauvet, PricewaterhouseCoopers, Proof Committee Hansard, 3 November 2008, p. 2.

[3]        Mercer, Submission 6, p. 1.

[4]        Mr John Fauvet, PricewaterhouseCoopers, Proof Committee Hansard, 3 November 2008, p. 2.

[5]        PriceWaterhouseCoopers, Submission 2, p. 2.

[6]        For example, a top executive who is paid $100 as salary is taxed on it at 46.5 per cent. If she then puts it in a bank deposit, and earns 6 per cent (again losing 46.5 per cent of this in tax) for three years, she will have $59. If instead she receives the $100 as superannuation, it is initially taxed at 15 per cent, the 6 per cent return is not taxed, and after paying 35 per cent tax on the DSAP she is left with $66. Workers, such as backpackers, on lower marginal tax rates may find their small amounts of superannuation more heavily taxed than would a bank deposit. 

[7]        Mr Nigel Murray, Proof Committee Hansard, 3 November 2008, p. 22.

[8]        Mr Robert Hodge, Correspondence, 3 November 2008.

[9]        Mercer also makes this criticism; Submission 6, p. 3.

[10]      Association of Superannuation Funds of Australia, Submission 5, p. 5.

[11]      Association of Superannuation Funds of Australia, Submission 5, p. 5.

[12]      Mr John Fauvet, Proof Committee Hansard, 3 November 2008, p. 2.

[13]      Price Waterhouse Coopers, Submission 2, p. 2.

[14]      Hillross Financial Services, Submission 1, p. 1.

[15]      Hillross Financial Services, Submission 1, p. 2.

[16]      Mercer, Submission 6, p. 3. The challenge of communicating the bill's measures is discussed below.

[17]      Mercer, Submission 6, p. 5.

[18]      Mr Nigel Murray, Proof Committee Hansard, 3 November 2008, p. 20.

[19]      Hillross Financial Services, Submission 1, p. 1.

 

Chapter 3 - Timing issues

[1]        Association of Superannuation Funds of Australia, Submission 5, p. 2.

[2]        Ms Melinda Howes, Proof Committee Hansard, 3 November 2008, p. 7.

[3]        Ms Melinda Howes, Proof Committee Hansard, 3 November 2008, p. 7.

[4]        Mr Robert Hodge, Proof Committee Hansard, 3 November 2008, p. 9.

[5]        Mr Robert Hodge, Proof Committee Hansard, 3 November 2008, p. 8.

[6]        Mr Robert Hodge, Proof Committee Hansard, 3 November 2008, p. 8.

[7]        Mr Nigel Murray, Proof Committee Hansard, 3 November 2008, p. 21.

[8]        Mr Nigel Murray, Proof Committee Hansard, 3 November 2008, p. 21.

[9]        Estimates in this paragraph are taken from the Explanatory Memorandum, pp 9 and 60.

[10]      Association of Superannuation Funds of Australia, Submission 5, p. 3.

[11]      Association of Superannuation Funds of Australia, Submission 5, p. 4.

[12]      Mercer, Submission 6, p. 5.

 

Chapter 4 - Promotion aspects

[1]        Students' Representative Council, University of Sydney, Submission 4, p. 1.

[2]        Ms Kate Laing, Proof Committee Hansard, 3 November 2008, p. 12.

[3]        Mercer, Submission 6, p. 1.