Senate

Taxation Laws Amendment Bill (No. 3) 1998

Supplementary Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello MP)
Requests for amendments to be moved on behalf of the Governement

General outline and financial impact

Choice of superannuation funds

Requests amendments of Schedule 5 to the Bill dealing with choice of superannuation funds to defer the commencement of the choice of superannuation fund measures, as they relate to new employees, until 1 July 1999. Consequential amendments are made to the commencement provision of the Bill.

Date of effect: The request defer the commencement of the choice of superannuation fund measures, in respect of new employees, until 1 July 1999.

Amendment announced: The Assistant Treasurer announced on 8 April 1998 (Assistant Treasurer's Press Release No. AT/015) that the start date for superannuation choice for new employees would be deferred.

Financial impact: nil.

Compliance cost impact: Nil. Full details of the compliance costs associated with the choice of superannuation fund measures are contained in the Explanatory Memorandum to the Bill.

Franking of dividends and other distributions

Chapter 2 provides further guidance on the operation of the anti-streaming measures and general anti-avoidance rule targeting franking credit trading transactions included in Schedule 8 of the Bill.


View full documentView full documentBack to top