Senate

Supplementary Explanatory Memorandum

Circulated by the authority of the Treasurer, the Hon Wayne Swan MP

General outline and financial impact

Temporary residents' unclaimed superannuation

Schedule 1 to this Bill requires superannuation providers to pay to the Commissioner of Taxation the unclaimed superannuation they hold for certain departed temporary residents by the due and payable date.

These amendments make changes to Schedule 1 to the Bill to allow regulations to be made to defer the due and payable date for a superannuation provider for such amounts in certain prescribed circumstances.

Proposal announced : These amendments have not previously been announced.

Financial impact : Not quantifiable. No material impact expected over the forward estimates.

Compliance cost impact : Negligible.