EXPLANATORY STATEMENT
Issued by authority of the Minister for Financial Services and Superannuation
Superannuation Legislation Amendment Act 2010
Proclamation
Subsection 2(1) of the Superannuation Legislation Amendment Act 2010 (the Act) provides, in part, that items 1 to 5 of Schedule 2 to the Act commence on a single day to be fixed by Proclamation. However, if any of the provision(s) do not commence within the period of six months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.
The Act has recently received Royal Assent.
The purpose of the Proclamation is to fix 1 December 2010 as the day on which items 1 to 5 of Schedule 2 to the Act commence.
Items 1 to 5 of Schedule 2 contain the operative provisions of the omnibus Act relating to the Government’s total and permanent disability (TPD) transitional measure. The provisions amend the Income Tax (Transitional Provisions) Act 1997 (IT(TP)A) and the Income Tax Assessment Act 1997.
These provisions implement the Government’s decision to provide transitional relief to complying superannuation funds, for the 2004-05 to 2010-11 income years, by allowing greater scope to deduct premiums paid for insurance cover commonly regarded as TPD insurance.
The commencement date of 1 December 2010 facilitates the simultaneous commencement of both items 1 to 5 of Schedule 2 and the regulations that are to operate in conjunction with the amended provisions of the IT(TP)A.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.