Treasury has released Superannuation Legislation Amendment 2 (Stronger Super and Other Measures) 3 Bill (No. 2) 2012:expanded superannuation reporting and Superannuation Legislation Amendment 2 (Stronger Super and Other Measures) 3 Bill (No. 2) 2012: Reporting to members for consultation.
The legislation will:
- amend the Income Tax Administration Act 1953 to expand the information required to be reported by superannuation providers in respect of their members. Under the revised reporting obligations, superannuation providers will be required to provide statements for all members who held an interest in the fund at any time during the reporting period, not just those for whom contributions are received. These amendments will allow the ATO to display more comprehensive superannuation information to individuals, facilitate the consolidation of lost and inactive accounts with a balance below $1,000 and the increased concessional contributions cap for members with balances of less than $500,000 from 1 July 2014.
- require superannuation funds and retirement savings account (RSA) providers to notify active members quarterly, by electronic means, that they have either ‘received’ or ‘not received’ contributions during the quarter, and maintain a web-based portal for members to consult; or alternatively to issue six monthly notices which show contributions made.
