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March 2, 2012

Superannuation changes

The Government has introduced the Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012 into the House of Representatives.

The Bill includes measures to:

  • give eligible individuals the option to have excess concessional contributions of up to $10,000 refunded and assessed at their marginal tax rates, rather than incurring the potentially higher effective rate of excess contributions tax.
  • sets up the framework for payslip reporting of superannuation benefits. It will require employers to report to employees, on payslips, how much super they will be paying, and when they plan to pay it.
  • pauses the indexation of the superannuation concessional contributions cap for one year. As a result, the general concessional cap is not expected to increase from $25,000 to $30,000 until 2014-15.
  • authorises the Australian Taxation Office (ATO) to disclose details of an individual’s superannuation interests and superannuation benefits to a regulated superannuation fund or public sector superannuation scheme, an approved deposit fund, retirement savings account (RSA) provider or their administrators (the bodies).

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Posted 2nd March 2012 by David Jacobson in Superannuation, Tax