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

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  • "Yes you show the km allowance as taxable income and then you can also make a claim for your car travel. Under the cents per kilometre method you are limited to the first 5000km. So if you get..."

    By: Mr Taxman at Jun 04, 2025 11:57PM

    Post: Claiming car expenses

  • "No would not be able to claim the Uber home nor to the station the next day. The trip to the off-sit meeting would be claimable."

    By: Mr Taxman at Jun 04, 2025 11:55PM

    Post: Claiming car expenses

  • "Depends on your finance type ... if you takeout a lease then the lease payment forms part of your costs (but no depreciation can be claimed) ... if you takeout a Hire Purchase or a Loan then only the..."

    By: Mr Taxman at Jun 04, 2025 11:54PM

    Post: Claiming car expenses

  • "The cost of the trailer itself could be depreciated - usually over 8 years. Assuming no personal usage with it then 100% of that depreciation plus annual rego could be claimed."

    By: Mr Taxman at Jun 04, 2025 11:50PM

    Post: Claiming car expenses

  • "That would be a non-deductible trip unfortunately Erin"

    By: Mr Taxman at Jun 04, 2025 11:48PM

    Post: Claiming car expenses