Commonwealth of Australia Explanatory Memoranda Commonwealth of Australia Explanatory Memoranda[Index] [Search] [Download] [Bill] [Help]
2010-2011-2012
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF REPRESENTATIVES
TAX AND SUPERANNUATION LAWS AMENDMENT (2012 MEASURES No. 1)
BILL 2012
CORRECTIONS TO THE
EXPLANATORY MEMORANDUM
(Circulated by the authority of the
Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)
Tax and Superannuation Laws Amendments (2012 Measures No. 1) Bill 2012
Superannuation -- payslip reporting
Background
When the Explanatory Memorandum was drafted, the Government planned to require
employers to report a date, on their payslips, by which they intended to pay their
superannuation contributions to the employee's fund. This was an interim measure,
and was to apply from 1 July 2012. However, as a result of the recommendations of
the House Standing Committee on Economics, the Government now plans to skip the
interim measure, and to require employers to report, on payslips, the superannuation
contributions when they are actually made. This will apply from 1 July 2013, and is
subject to further consultation with industry.
While the Government is making no changes to the Bill itself, it is now planning to
enact somewhat different regulations than originally planned, necessitating the need for
the following corrections to be made to the Explanatory Memorandum.
Corrections
Chapter 6, paragraph 6.1 -- omit the dot point, substitute:
· The regulations are in turn likely to require employers to
report, on payslips, the superannuation contributions when
they are actually made. The regulations will be enacted once
this Bill has come into force, and the new requirements will
apply from 1 July 2013.
Chapter 6, paragraph 6.5 -- omit the paragraph (including the dot point), substitute:
This Schedule is designed to require employers to report contributions that
an employer has actually made during the pay period. This will improve
employer compliance since employers will be making a public and
checkable statement on their payslips. This Schedule will also improve
the timeliness of information by telling employees when they can check
with their fund that their employer has made the contribution.
· The Regulations will probably require employers to report
SG contributions of $0.00 in pay periods where they do not
actually make a contribution, and to report an aggregated
figure for contributions in the pay period when they do make
the contribution. Employers may wish to make a general
statement on their payslips like: `Your superannuation
contributions will be paid to your fund on or by the 28th day
after the end of the quarter.'
2
Tax and Superannuation Laws Amendments (2012 Measures No. 1) Bill 2012
Chapter 6, paragraph 6.7 -- omit the paragraph, substitute:
This Schedule may require extensive modification of payroll software.
Chapter 6, paragraph 6.8 -- omit the paragraph (including the dot point), substitute:
This measure was announced in the 2011-12 Budget, and during the 2010
election. When the Stronger Super Consultation Panel considered it, there
was some concern that the required software changes would be relatively
expensive. However, when the Bill was referred to the House Standing
Committee on Economics, it heard evidence that a number of software
providers were integrating payroll software with accounts payable
software, and would be in a position to supply the necessary software.
Chapter 6, paragraph 6.11 -- omit the first dot point, substitute:
· The regulations are in turn likely to require employers to
report, on payslips, the superannuation contributions when
they are actually made.
Chapter 6, paragraph 6.11 -- omit the third dot point, substitute:
· At present, employers are required to report accrued
superannuation contributions under the Fair Work
Regulations. Those requirements will be repealed once the
new requirements come into force, and the new requirements
will be placed in the Superannuation Industry (Supervision)
Regulations 1994 (the SIS Regulations). The Fair Work
Regulations will contain a note pointing to the new SIS
Regulations.
Chapter 6, paragraph 6.11 -- omit the fourth dot point, substitute:
· Employers will remain subject to the same penalties as
currently apply. While the measure will now sit within the
SIS Act, and not within the Fair Work Act, the SIS Act
imposes a civil remedy provision under the Fair Work Act,
and empowers the Fair Work Ombudsman to enforce the new
requirements.
3
Tax and Superannuation Laws Amendments (2012 Measures No. 1) Bill 2012
Chapter 6, paragraph 6.19 -- omit the second dot point, substitute:
· The regulations will probably require employers who plan to
pay the SG charge (rather than making an SG contribution) to
report an SG contribution of $0.00 in all pay periods
concerned, including the pay period in which they pay the
SG charge. (The same will apply to employers who plan to
pay neither SG contributions nor the SG charge, in
contravention of the law.)
Chapter 6, paragraph 6.29: replace `1 January 2013' with `1 July 2013.'
Chapter 6, paragraph 6.32 -- omit the paragraph, substitute:
This Schedule is designed to require employers to report contributions that
an employer has actually made during the pay period.
4
Index]
[Search]
[Download]
[Bill]
[Help]