The existing Superannuation Contributions Tax (Assessment and Collection) Regulations 1997 and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Regulations 1997 are scheduled to sunset on 1 April 2019.
The Draft Superannuation Contributions Tax (Assessment and Collection) Regulations 2019 and Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Regulations 2019 are being made to ensure the ongoing operation of the Superannuation Contributions Tax.
The draft Regulations do not alter the substantive meaning or operation of the existing Regulations. Minor technical changes have been made to reflect current drafting practice, remove redundant references, omit provisions that are no longer operative and make information provision rules simpler and more consistent with practice elsewhere in the tax law. Transitional provisions are included in the draft Regulations to preserve the operation of the existing Regulations for financial years ending prior to 1 July 2005, to allow the calculation of amounts for financial years ending before 1 July 2005, should these be required.
Further details on the draft Regulations are contained in the Explanatory Statement. The community's views are sought on the draft Regulations.