Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 7 - Administration
Overview
7.1 Part7 of this Bill contains administration provisions. [Clauses 40to41]
7.2 The purpose of the provisions is to provide for:
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- the Commissioner of Taxation (the Commissioner) to have general administration of Superannuation (Unclaimed Money and Lost Members) Act 1999 (the Act); and
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- an annual report to be prepared by the Commissioner on the working of the Act and for it to be presented to the Parliament.
7.3 The Commissioner is to have general administration of the Act. [Clause 40]
7.4 After each financial year, the Commissioner must give the Treasurer an annual report on the working of the Act for presentation to the Parliament. [Clause 41]
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