Footnotes
Chapter 1 - Tax Laws Amendment (2010 Measures No. 1) Bill 2010 Schedule 1
[1]
Senate Selection of Bills Committee, Report No. 2 of 2010, 24 February,
Appendix 5.
[2]
Senate Selection of Bills Committee, Report No. 2 of 2010, 24 February,
Appendix 5.
[3] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services, Second Reading Speech, House of Representatives Hansard,
10 February 2010, p. 12.
[4] The Hon Chris Bowen MP,
Second Reading Speech, p. 12.
[5] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services, Superannuation Clearing House – Release of Draft
Legislation, Media Release No. 040 26 November 2009.
[6] Budget Measures 2008-09,
Budget Paper No. 2 – Part 2: Expense Measures – Treasury, http://www.budget.gov.au/2008-09/content/bp2/html/revenue-07.htm
(viewed 27 February 2010).
[7] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
[8] The other two pillars are
the government funded aged pension and personal savings.
[9] Section 2, Superannuation
Guarantee (Administration) Act 1992 (SGAA).
[10] Tax Laws Amendment (2010
Measures No. 1) Bill 2010, Explanatory Memorandum, p. 13.
[11] The dates of 28th
day of the second month after the end of the quarter are the 28 November,
28 February, 28 May and 28 August – section 46 of the SGAA 1992.
[12] Section 35 of the SGAA
1992. The date that the deemed assessment is taken to have been made will
differ depending on when the statement is received by the Commissioner. This
impacts the calculation of nominal interest and GIC if the payment remains
outstanding after it is deemed to have been made.
[13] The administration charge
is retained by the Tax Office. All other components of the SGC, as well as any
interest that accrues, are remitted to the employee's fund after it has been
paid.
[14] The co-contribution is
designed to encourage low income earners to save for their retirement through
the introduction of a scheme which provides for the government to match
voluntary additional payments up to a maximum amount of $1500. There are strict
eligibility requirements that must be met to access the co-contribution.
[15] Choice of fund legislation
was introduced from 1 July 2005 to ensure employees are given the right to
choose the fund into which their compulsory employer contributions are paid.
Failure by an employer to offer choice of fund results in an additional
superannuation guarantee liability – the SGC will be increased by a prescribed
amount.
[16] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
[17] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
Chapter 2 - Schedule 1 – the proposed measure
[1] The Hon Chris Bowen,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services, Second Reading Speech, House of Representatives Hansard,
10 February 2010, p. 11.
[2] Second Reading Speech, 10
February 2010, p. 11.
[3] Second Reading Speech, 10
February 2010, p. 11.
[4] The Hon. Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law,
Superannuation Clearing House – Release of draft legislation, Media release No.
40, 26 November 2009.
[5] Tax Laws Amendment (2010
Measures No. 1) Bill 2010, Explanatory Memorandum, pp 13 – 14.
[6] Explanatory Memorandum, pp
13 – 14.
[7] Treasury, Additional
Information, 3 March 2010, p. 1.
[8] Explanatory Memorandum, pp
13 – 14.
[9] Superannuation
Legislation Amendment (Choice of Superannuation Funds) Act 2004,
Explanatory Memorandum, p. 5.
[10] Explanatory Memorandum, p.
14.
[11] Superannuation
Legislation Amendment (Choice of Superannuation Funds) Act 2004,
Explanatory Memorandum, p. 34.
[12] Provided the employer has
given details of the employee's chosen fund to the approved clearing house; the
bill requires that notification of the employee's choice of fund details be
given to the approved clearing house either within 21 days after the employer
has received the information from the employee or before the contribution to
the approved clearing house is made.
[13] Treasury, Additional
Information, 3 March 2010, p. 1.
[14] Treasury, Additional
Information, 3 March 2010, p. 1.
[15] Tax Laws Amendment (2010
Measures No. 1) Bill 2010, lines 14 – 17 p. 5 and lines 4 – 5 p. 7.
[16] Explanatory Memorandum, p.
18.
[17] Senate Economics
Legislation Committee, Tax Laws Amendment (Confidentiality of Taxpayer
Information) Bill 2009 [provisions], March 2010.
[18] Explanatory Memorandum, p.
18.
[19] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
Chapter 3 - Views on the measure
[1]
Treasury, Additional Information, 3 March 2010, p. 1.
[2]
ASFA, Submission 2, March 2010, p. 1.
[3]
COSBOA, Submission 7, March 2010, p. 1.
[4]
IFSA, Submission 1, March 2010, p. 2.
[5]
Mr Dick Grozier, NSW Business Chamber, Australian Chamber of Commerce
and Industry, Proof Committee Hansard, 3 March 2010, pp 3 and 5.
[6] Treasury, Additional
Information, March 2010, p. 1.
[7] Hon. Chris Bowen, Press
Release, 6 November 2009.
[8] Mr John O'Shaughnessy,
IFSA, Proof Committee Hansard, Wednesday 3 March 2010, pp 45-7.
[9] Mr Dick Grozier, NSW
Business Chamber and Australian Chamber of Commerce and Industry, Proof
Committee Hansard, 3 March 2010, p. 2
[10] Mr Stuart Korchinski,
Director, SuperChoice, Proof Committee Hansard, Wednesday 3 March 2010,
p. 37.
[11] Treasury, Additional
Information, March 2010, p. 1.
[12] Mr David Parker, Treasury, Proof
Committee Hansard, Wednesday 3 March 2010, p. 26.
[13] Treasury, Additional
Information, March 2010, p. 1.
[14] Mr John O'Shaughnessy and
Mr Andrew Bragg, IFSA, Proof Committee Hansard, 3 March 2010, pp 46 –
47.
[15] Mr Dick Grozier, NSW
Business Chamber and Australian Chamber of Commerce and Industry, Proof
Committee Hansard, 3 March 2010, p. 2.
[16] Mr Dick Grozier, Proof
Committee Hansard, 3 March 2010, p. 2.
[17] Mr David Parker, Executive
Director, Treasury, Proof Committee Hansard, 3 March 2010, p. 32.
[18] Mr Shawn Blackmore, Head of
Operations, AustralianSuper, Proof Committee Hansard, 3 March 2010, p.
55.
[19] Proof Committee Hansard,
3 March 2010, pp 32 – 33.
[20] Mr David Parker, Executive
Director, Revenue Group, Treasury, Proof Committee Hansard, 3 March
2010, p. 34; Mr Shawn Blackmore, Head of Operations, AustralianSuper, Proof
Committee Hansard, 3 March 2010, p. 52.
[21] Mr Stuart Korchinski,
Director, SuperChoice, Proof Committee Hansard, 3 March 2010, p. 36.
[22] Mr Michael Willcock,
General Manager, Personal and Retirement Income Division, Treasury, Proof
Committee Hansard, 3 March 2010, p. 33.
[23] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
[24] The Hon. Chris Bowen MP,
Second Reading Speech, Wednesday 10 February 2010, p. 11.
[25] Australian Government,
Treasury, Superannuation Clearing House, Summary of Consultation Process,
February 2010, p. 2; SuperChoice, Submission 8, p. 4.
[26] Australian Government,
Treasury, Superannuation Clearing House, Summary of Consultation Process,
February 2010, p. 2.
[27] Tax Laws Amendment (2010
Measures No. 1) Bill 2010, Schedule 1, item 1 line 12, item 3 line 26 – 27,
item 6 line 14.
[28] Mr Dick Grozier, NSW
Business Chamber and Australian Chamber of Commerce and Industry, Proof
Committee Hansard, 3 March 2010, p. 3.
[29] Mr Michael Pruscino,
Director, COSBOA, Proof Committee Hansard, 3 March 2010, p. 11.
[30] The Hon Chris Bowen MP,
Minister for Financial Services, Superannuation and Corporate Law and Minister
for Human Services and Dr Craig Emerson MP, Minister for Small Business,
Independent Contractors and the Service Economy, Cutting Red Tape for Small
Business – Superannuation Clearing House Service, Joint Media Release No 035, 6
November 2009.
[31] Mr Mark Jackson, General
Manager, Business Framework, Medicare Australia, Proof Committee Hansard,
3 March 2010, p. 25.
[32] Mr Dick Grozier, Proof
Committee Hansard, 3 March 2010, p. 2.
[33] The NSW Business Chamber,
Australian Chamber of Commerce and Industry, AustralianSuper, ASFA, SuperChoice
all mentioned a need to introduce data and processing standards in their
submissions.
[34]
Ms Jacqueline Hughes, Medicare Australia, 3 March 2010, pp 23-24.
[35]
Mr Mark Jackson, Medicare Australia, Proof Committee Hansard, 3
March 2010, p. 20.
Minority Report by Coalition Senators
[1] Mr Dick Grozier, Australian Chamber of Commerce and
Industry, Proof Committee Hansard, 3 March 2010, page 2
[2] Mr John O'Shaughnessy, Investment and Financial
Services Association, Proof Committee Hansard, 3 March 2010, page 45
[3] Ms Jacqueline Hughes, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 19
[4] Ms Jacqueline Hughes, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 19
[5] Mr Dick Grozier, Australian Chamber of Commerce and
Industry, Proof Committee Hansard, 3 March 2010, page 3
[6] Mr Stuart Korchinski, SuperChoice Services Pty Ltd, Proof
Committee Hansard, 3 March 2010, page 36
[7] Craig Osborne, Sage MicrOpay, Submission 4,
page 2
[8] The Westpac Group, Submmission 9, page 1
[9] The Hon Chris Bowen, Address to Self-Managed Super
Fund Professional Association of Australia, Melbourne, 18 February 2010, http://mfsscl.treasurer.gov.au/DisplayDocs.aspx?doc=speeches/2010/003.htm&pageID=005&min=ceba&Year=&DocType=, accessed 11 March 2010
[10] Investment and Financial Services Association, Submission
1, page 4
[11] The Association of Superannuation Funds of Australia
Limited, Submission 2, page 3
[12] Investment and Financial Services Association, Submission
1, page 4
[13] Mr Dick Grozier, Australian Chamber of Commerce and
Industry, Proof Committee Hansard, page 2
[14] Mr Michael Willcock, The Treasury, Proof Committee
Hansard, 3 March 2010, page 31
[15] Treasury, Answers to Question on Notice AET39, Senate
Economics Committee, 11 February 2010
[16] Mr Mark Jackson, Medicare Australia, Proof Committee
Hansard, 3 March 2010, page 17
[17] Mr Mark Jackson, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 21
[18] Mr Mark Jackson, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 23
[19] Mr Mark Jackson, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 24
[20] Mr Mark Jackson, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 24
[21] Ms Jacqueline Hughes, Medicare Australia, Proof
Committee Hansard, 3 March 2010, page 23
[22] Mr Ian Campbell, SuperChoice Services Pty Ltd, Proof
Committee Hansard, 3 March 2010, page 36
[23] Superannuation Information Centre Pty Limited, Submission
3, page 2
[24]
Mark Fenton-Jones, 'Clearing house plan
slammed', Australian Financial Review, 9 March 2010, page 50
[25] Mark Fenton-Jones, 'Clearing house plan slammed', Australian
Financial Review, 9 March 2010, page 50
[26] Mr Stuart Korchinski, SuperChoice Services Pty Ltd, Proof
Committee Hansard, 3 March 2010, page 37
[27] Ms Jaye Radisich, Council of Small Business
Organisations of Australia, Proof Committee Hansard, 3 March 2010, page
14