The Government’s key changes to excess super contributions arrangements and employer obligations in respect to superannuation contributions are being reviewed by the House Economics Committee.
The committee confirmed this week it is reviewing the Tax and Superannuation Laws Amendment Bill 2012 and has called for submissions from interested organisations and individuals.
The element expected to draw the most attention is that applying to excess super contributions, with the Government seeking to give effect to the measures announced in the last Federal Budget allowing people to obtain refunds for excess contributions of up to $10,000.
A range of industry organisations – including the Self Managed Super Professionals’ Association – have been critical of the legislative change, arguing that any refund of excess contributions should not be limited to $10,000 and should not be one-off.
A number of pre-Budget submissions have also called on the Government to revisit the excess contributions regime to make further amendments.
The legislation being reviewed by the committee also covers a one-year pause in the indexation of the superannuation concessional contributions cap for 2013-14.
