Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Draft Legislation

Key Documents

The Government is consulting on the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 (the Bill) and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023, to enact changes to superannuation tax concessions announced in the 2023-24 Budget.

The Bill reduces the tax concessions for individuals with a total superannuation balance (TSB) above $3 million by imposing an additional 15 per cent tax on certain earnings under a new Division 296 of the Income Tax Assessment Act 1997.

The Bill also amends several Acts to include provisions relating to the calculation of earnings, withdrawals and contributions, modifications for earnings of certain constitutionally protected interests, debt deferral provisions for defined benefit interests in the pre-end benefit phase, and changes to the definition of TSB.

Special rules for modified treatment of defined benefit and some retirement phase interests, including the valuation of such interests, will be addressed through specific provisions in subsequent regulations.

Related content

Submissions

70 submissions were received for this consultation, including 9 confidential submissions.

Act Government - pdf 367.16 KB
Actuaries Institute - pdf 104.6 KB
Anonymous - pdf 178.04 KB
Anonymous 2 - pdf 151.6 KB
Association of Superannuation Funds of Australia Limited - pdf 299.76 KB
Atlus Financial - pdf 659.68 KB
Australian Judicial Officers Association - Submission 1 - pdf 349.59 KB
Australian Judicial Officers Association - Submission 2 - pdf 245.66 KB
Australian Super - pdf 133.02 KB
Bender, Alex - pdf 150.32 KB
Bentleys Newcastle - pdf 247.18 KB
Bolling, Howard - pdf 464.75 KB
Boyce - pdf 318.85 KB
Business Council of Australia - pdf 3.94 MB
Caplan, Jonathan - pdf 576.3 KB
Carmichael, Jeffrey - pdf 232.9 KB
Carpenter, Matthew - pdf 127.88 KB
Cass, Peter - pdf 590.22 KB
Chartered Accountants Australia and New Zealand - pdf 414.24 KB
CLASS - pdf 237.29 KB
CPA Australia - pdf 222.68 KB
Curran, Mary - pdf 455.43 KB
Deloitte - pdf 220.78 KB
Ernst & Young - pdf 78.12 KB
Fairweather, Duncan - pdf 473.96 KB
Field, Greg - pdf 94.12 KB
Financial Advice Association Australia - pdf 174.59 KB
Financial Services Council - pdf 174.72 KB
Garner, Lucas - pdf 669.1 KB
Gianfrancesco, Nicolas - pdf 56.12 KB
Gibson, David - pdf 303.79 KB
Graham, Lorraine - pdf 111.96 KB
GTA - pdf 255.13 KB
Heath, Nicholas - pdf 660.69 KB
Henry, Scott - pdf 461.21 KB
Hickling, Martin - pdf 68.93 KB
Institute of Financial Professionals Australia - pdf 3.78 MB
Institute of Public Accountants - pdf 214.15 KB
Kallinicos, John - pdf 976.65 KB
Kempe, Ian - pdf 632.99 KB
King & Wood Mallesons - pdf 230.48 KB
Marks, David - pdf 608.88 KB
Mercer - pdf 25.34 KB
National Tax & Accountants’ Association - pdf 486.11 KB
Owen, David - pdf 461.4 KB
Ozaydin, Ahmet - pdf 392.46 KB
Ritchie, Douglas - pdf 106.18 KB
Rogers, Christine - pdf 210.76 KB
Serry, Mark - pdf 695.3 KB
Smith, Graydon - pdf 454.57 KB
SMSF Association - pdf 432.62 KB
St Vincent de Paul - pdf 226.93 KB
Super Members Council of Australia - pdf 245.55 KB
Surjenko, Daniel - pdf 441.68 KB
The Tax Institute - pdf 262.35 KB
Traylen, Daniel - pdf 647.21 KB
Uniting Church of Australia - pdf 134.42 KB
Wallis, Ian - pdf 334.34 KB
Wilson Asset Management - pdf 179.88 KB
Women in Super - pdf 217.77 KB
Youds, Edward - pdf 720.25 KB