Content area
Full text
The government has provided further details, and notice of changes, on the superannuation surcharge. The ASCPA Superannuation COE explains
The government recently announced a number of changes to the implementation of the superannuation contributions surcharge for higher income earners.
The changes to the surcharge, which was first announced in the 1996-97 Budget, will mostly affect defined benefit schemes, unfunded schemes and so-called `golden handshakes'. Other changes will impact on the general administration of all superannuation funds and will need to be considered by fund managers and trustees in their day-to-day running of funds.
Perhaps the most important change is the extension of the first reporting date for the surcharge for all superannuation funds, from the original date of 31 August to 15 December. The government believes this will give funds additional time to obtain tax file numbers from their members, as well as to set up appropriate computer systems to deal with the required surcharge reporting.
In addition to this, the government has delayed...