The Assistant Treasurer, Senator Rod Kemp, today announced that the Senate had passed the Superannuation Contributions and Termination Payments Taxes Legislation Amendment Bill 1999 with some minor amendments.
"In March, I announced the Government was looking at initiatives to enhance the overall operation and efficiency of the superannuation surcharge legislation by removing the requirement for an advance instalment to be determined, providing a self-assessment regime for specified funds and clarifying and simplifying aspects of the law."
"I also indicated we would consult with key industry and professional groups to develop proposals" said Senator Kemp.
"I am pleased to say that the consultation process resulted in additional proposals, including to make the law more certain for trustees and reduce the costs of compliance for funds, which were taken on board by the Government."
Senator Kemp acknowledged the input from industry and professional bodies and thanked them for the work they put in to develop legislation.
CANBERRA
29 September 1999
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