Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello MP)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.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
