Footnotes

Chapter 1 - Introduction and overview of the bills

[1]        The Superannuation (Objective) Bill 2016 seeks to enshrine in law that the primary objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension. It will also require new bills and regulations relating to superannuation to be accompanied by a statement of compatibility with the objective of the superannuation system.

[2]        TLA Bill, Second Reading Speech, HoR Hansard, 9 November 2016, p. 78.

[3]        TLA Bill, Second Reading Speech, HoR Hansard, 9 November 2016, p. 78.

[4]        Financial System Inquiry report, p. 2.

[5]        Estate planning involves developing a strategy to deal with an individual's assets in the event of their incapacitation or death – the legal instruments and structures, such as a will or the transfer an individual's assets in the event of death. The Australian Taxation Office noted on its website that tax is a major consideration in estate planning. For more information, see https://www.ato.gov.au/Business/Privately-owned-and-wealthy-groups/Tax-governance/Estate-planning/

[6]        The Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia, 'Even fairer, more flexible and sustainable superannuation', Media Release, 15 September 2016.

[7]        Treasury Consultation Summary, 11 November 2016, p. 12.

[8]        Explanatory Memorandum, pp. 9–10.

[9]        Explanatory Memorandum, p. 12.

[10]      Explanatory Memorandum, p. 13.

[11]      Excess Transfer Balance Tax Bill, Second Reading Speech, HoR Hansard, 9 November 2016, p. 84.

Chapter 2 - Views on the bills

[1]        For example, see: Mr Andrew Freeman, Submission 2, p. 1;
Pat and Kay Kelly, Submission 4, p. 1; Dr Maureen Burke, Submission 5, p. 1;
AMP, Submission 28, p. 4; UniSuper, Submission 29, p. 2;
The Tax Institute, Submission 34, p. 5; Save our Super, Submission 36, p. 6.

[2]        Industry Super Australia, Submission 41, p. 3.

[3]        Explanatory Memorandum, p. 39.

[4]        Explanatory Memorandum, p. 37 and p. 45.

[5]        Explanatory Memorandum, p. 35.

[6]        Explanatory Memorandum, p. 39.

[7]        Explanatory Memorandum, p. 53.

[8]        Explanatory Memorandum, p. 12.

[9]        Institute of Public Accountants, Submission 6, pp. 2–3.

[10]      Law Council of Australia, Submission 24, p. 5.

[11]      Australian Institute of Superannuation Trustees, Submission 7, p. 16;
SMSF Owners' Alliance, Submission 19, p. 6; UniSuper, Submission 29, p. 12;
Association of Superannuation Funds of Australia, Submission 31, p. 5;
ARC Centre of Excellence in Population Ageing Research, Submission 37, p. 5.

[12]      SMSF Owners' Alliance, Submission 19, p. 6.

[13]      Dixon Advisory, Submission 32, p. 4; SMSF Association, Submission 39, p. 4;
UniSuper, Submission 29, p. 3;
Superannuated Commonwealth Officers' Association, Submission 20, p. 1. 

[14]      Australian Council of Public Sector Retiree Organisations Inc., Submission 10, p. 2.

[15]      The 'special value' of a defined benefit scheme that is a lifetime pension or annuity will be calculated using the annual entitlement amount multiplied by 16. The debit value that is then applied to an individual's transfer balance cap if the income stream is commuted in full is the 'special value' less any previous debits of the pension or annuity. For more information on special and debit values, please refer to table 3.3 of the Explanatory Memorandum (p. 92). 

[16]      Australian Institute of Superannuation Trustees, Submission 7, p. 12.

[17]      Australian Institute of Superannuation Trustees, Submission 7, p. 16.

[18]      Australian Council of Public Sector Retiree Organisations Inc., Submission 10, p. 1.

[19]      Explanatory Memorandum, pp. 136–137.

[20]      Division 293 tax is payable by the individual at a rate of 15 per cent on the amount by which their income for surcharge purposes plus concessional contributions exceeds $300,000; or the individual’s low tax contributions—whichever is lower. Explanatory Memorandum, p. 134.

[21]      Explanatory Memorandum, p. 133.

[22]      Explanatory Memorandum, p. 132.

[23]      Explanatory Memorandum, pp. 9–10.

[24]      Australian Council of Social Service, Submission 13, p. 2.

[25]      National Foundation for Australian Women, Submission 15, p. 3.

[26]      Industry Super Australia, Submission 41, p. 9.

[27]      See, for example, Institute of Public Accountants, Submission 6, p. 4; SMSF Association, Submission 39, pp. 5–7.

[28]      Institute of Public Accountants, Submission 6, p. 4.

[29]      Pitcher Partners, Submission 21, p. 2.

[30]      National Foundation for Australian Women, Submission 15, p. 3.

[31]      Financial Planning Association of Australia, Submission 33, p. 6.

[32]      Institute of Public Accountants, Submission 6, p. 4.

[33]      See, for example, Pitcher Partners, Submission 21, p. 3; Industry Super Australia,
Submission 41, p. 9.

[34]      Commonwealth of Australia, 2016-17 Federal Budget Overview, 3 May 2016, p. 20.

[35]      The Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia, 'Even fairer, more flexible and sustainable superannuation', Media Release, 15 September 2016.

[36]      Explanatory Memorandum, p. 151.

[37]      Explanatory Memorandum, p. 152.

[38]      Explanatory Memorandum, p. 151.

[39]      Explanatory Memorandum, p. 152.

[40]      Budget 2016-17, Superannuation Reform: Annual non-concessional contributions cap, http://budget.gov.au/2016-17/content/glossies/tax_super/html/tax_super-fs-07.htm (accessed
15 November 2016).

[41]      Explanatory Memorandum, p. 153.

[42]      Explanatory Memorandum, pp. 9–10.

[43]      See, for example, Australian Institute of Superannuation Trustees, Submission 7, p.14; SMSF Association, Submission 39, p. 7.

[44]      Australian Institute of Superannuation Trustees, Submission 7, p. 14.

[45]      Industry Super Australia, Submission 41.1, p. 8.

[46]      National Foundation for Australian Women, Submission 15, p. 4.

[47]      Self-Managed Independent Superannuation Funds Association, Submission 22, pp. 2–3. See also SMSF Association, Submission 39, p. 8.

[48]      Australian Institute of Superannuation Trustees, Submission 7, p. 15.

[49]      National Foundation for Australian Women, Submission 15, p. 4.

[50]      Explanatory Memorandum, p. 186.

[51]      Australian Council of Social Service, Submission 13, p. 5.

[52]      Pitcher Partners, Submission 21, p. 4.

[53]      Superannuated Commonwealth Officers' Association, Submission 20, p. 2.

[54]      Explanatory Memorandum, p. 194.

[55]      Institute of Public Affairs, Submission 18, p. 47.   

[56]      SMSF Association, Submission 39, p. 9.

[57]      Australian Institute of Superannuation Trustees, Submission 7, p.18;
Superannuated Commonwealth Officers' Association, Submission 20, p. 3;
Women in Social and Economic Research, Submission 27, p. 5.

[58]      Australian Council of Social Service, Submission 13, p. 7.

[59]      Women in Social and Economic Research, Submission 27, p. 5.

[60]      National Foundation for Australian Women, Submission 15, p. 6.

[61]      Australian Institute of Superannuation Trustees, Submission 7, p.18;
Institute of Public Accountants, Submission 6, p. 10; The Tax Institute, Submission 34, p. 5.

[62]      Explanatory Memorandum, p. 213.

[63]      Explanatory Memorandum, p. 212.

[64]      Explanatory Memorandum, p. 318.

[65]      Explanatory Memorandum, p. 318.

[66]      Explanatory Memorandum, p. 10.

[67]      AMP, Submission 28, p. 2.

[68]      Financial Service Council, Submission 30, p. 2.

[69]      Corporate Superannuation Association, Submission 1, p. 2.

[70]      Financial Planning Association of Australia, Submission 33, p. 8.

[71]      Australian Institute of Superannuation Trustees, Submission 7, p. 19.

[72]      Explanatory Memorandum, pp. 9–10.