Supplementary Explanatory Memorandum
Circulated by the authority of the Treasurer, the Hon Wayne Swan MPGeneral outline and financial impact
Temporary residents' unclaimed superannuation interest
The Temporary Residents' Superannuation Legislation Amendment Bill 2008 (the Bill) will implement key aspects of the Government's measure to require superannuation funds to pay the unclaimed superannuation of departed temporary residents to the Australian Taxation Office (ATO).
The Bill does not provide for any interest to be paid to any previously departed temporary resident that later claims an unclaimed superannuation amount from the ATO.
These amendments make changes to Schedule 1 to the Bill to enable interest to be paid to certain previously departed temporary residents who are Australian citizens or permanent visa holders.
Proposal announced : These amendments have not previously been announced.
Financial impact : These amendments are expected to result in a cost to Budget of $7.5 million over the forward estimates up to and including 2011-12.
Compliance cost impact : Nil.
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