Draft Legislation: Proposed changes to Superannuation Payment Disclosure

[Draft] Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill 2012

Following on an announcement of 21 September 2011 made as part of the Government’s Stronger Super package of reforms. The Government has released for public consultation an exposure draft for the payslip reporting of superannuation contributions measure and the accompanying explanatory materials.

The Bill will permit the Australian Taxation Office (ATO) to disclose details of an individual’s superannuation interests and superannuation benefits to a regulated superannuation fund, or public sector superannuation scheme, an approved deposit fund, RSA provider or their administrators. It is proposed to achieve the change by inserting a further exception in Division 355 of Schedule 1 to the Tax Administration Act 1953 (TAA). Submissions, consultations and comments for this draft closed on 20 February 2012.

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