The Government has released for public consultation an exposure draft for the Sustaining the Superannuation Contribution Concession (Meaning of End Benefit) Instrument 2013 and the accompanying explanatory material.
The exposure draft instrument excludes family law superannuation payments and payments for total and permanent disability from the definition of an end benefit for the purposes of the Income Tax Assessment Act 1997.
The exposure draft instrument supports the changes introduced in the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 and Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013. These Bills were previously released for consultation and can be accessed on the Treasury website. These Bills are currently before Parliament.
These amendments give effect to the 2012-13 Budget measure, 'Superannuation - reduction of higher tax concession for contributions of very high income earners', announced by the Minister for Financial Services and Superannuation on 8 May 2012. These changes will apply to concessionally-taxed contributions made or received on or after 1 July 2012