The Australian --- Page: 41 : 9 December 2006 Original article by Anna Fenech and Tim Blue
ABIX Summary
The Australian Parliament has begun debating the Tax Laws Amendment (Simplified Superannuation) Bill. The draft bill introduces some incentives for people to put money into super, but also imposes new obligations. The proposed reforms impose penalties for excessive contributions that do not meet the conditions outlined in the 2006 Budget. The bill also introduces new caps on employers' contributions to an employee's super fund, as well as imposing a penalty tax on fund members who fail to supply their tax file number. There are also incentives for small business owners to put capital gains and capital proceeds from the sale of a business into their super fund.
