Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

My Super legislation passed

Dec 04, 2012

On 22 November 2012, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 was passed by the
Senate with two Government amendments relating to the commencement of the Act.

On 26 November 2012, the House of Representatives agreed with the Senate's amendments.

The Bill establishes a framework for the introduction of a default superannuation product (MySuper) to replace existing default products by amending:

  • Superannuation Industry (Supervision) Act 1993 to define MySuper superannuation products; limit regulated superannuation funds to offering only one MySuper product, except in certain circumstances; allow registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product; set out rules on the payment of contributions and account transfers for MySuper products; and set out fees that can be charged to members of a MySuper product; and
  • Superannuation Guarantee (Administration) Act 1992 to provide that employers make superannuation guarantee contributions on behalf of employees who do not have a chosen fund to a fund that offers a MySuper product.

 

Tags: EmployeesFamilyPersonal taxSuper

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "I work as a coach where I need my own ABN. Our location changes each week in which I have to travel to, can I claim these kms "

    By: Grace at Jan 31, 2019 1:41PM

    Post: Claiming car expenses

  • "Thanks for an informative blog. Its really helpful."

    By: James at Jan 30, 2019 7:42AM

    Post: The secret to getting your loan approved

  • "yes you can Peter. The key is demonstrating the original $400k was used to finance share purchases that you currently have."

    By: Mr Taxman at Jan 07, 2019 1:56AM

    Post: Borrowing to buy shares

  • "Hello, I have a line of credit financed against the farm for around 15 years. I only use it to trade shares. I claim all interest and costs, against my other income. The sale of shares including..."

    By: Peter at Jan 06, 2019 2:57AM

    Post: Borrowing to buy shares

  • "Can you claim interest expense at D8 if you have had no dividend income in the year, but have borrowed for shares "

    By: C Nyle at Dec 17, 2018 2:51AM

    Post: Borrowing to buy shares