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THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF REPRESENTATIVES
SUPERANNUATION CONTRIBUTIONS SURCHARGE (APPLICATION TO THE COMMONWEALTH) BILL 1997
SUPPLEMENTARY EXPLANATORY MEMORANDUM
Amendments to be Moved on Behalf of the Government
(Circulated by authority of the
Treasurer, the Hon Peter
Costello, MP)
80939 Cat. No. 96 7380 6 ISBN 0644 49792 0
The amendment to the Bill deals with the application of the superannuation contributions surcharge to the Commonwealth.
Date of effect: 20 August 1996
Proposal announced: The introduction of the superannuation contributions surcharge for high income earners was announced by the Government in the 1996-97 Budget and was incorporated in the Treasurer's Press Release No. 87 of 20 August 1996 entitled "Superannuation Reform".
Financial impact: These amendments will have a negligible financial impact. The superannuation contributions surcharge is estimated to raise additional revenue of $434 million in 1997-98, $500 million in 1998-99 and $526 million in 1999-2000.
1.1 The amendment deals with the application of the superannuation contributions surcharge to the Commonwealth.
1.2 The amendment omits subclause (2) of clause 7 to the Bill as this subclause refers to clause 34 of the Superannuation Contributions Surcharge (Assessment and Collection) Bill 1997. Clause 34 of that Bill has been omitted. [Amendment 1]