Commonwealth of Australia Explanatory Memoranda

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TREASURY LEGISLATION AMENDMENT (REPEAL DAY 2015) BILL 2016

                            2013-2014-2015-2016



    THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA




                      HOUSE OF REPRESENTATIVES




TREASURY LEGISLATION AMENDMENT (REPEAL DAY 2015) BILL 2015




          SUPPLEMENTARY EXPLANATORY MEMORANDUM



            Amendments to be Moved on Behalf of the Government



                         (Circulated by authority of the
Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP)
Table of contents

Glossary ................................................................................................. 1

General outline and financial impact....................................................... 3

Amendment to the Treasury Legislation Amendment (Repeal
              Day 2015) Bill 2015 ...................................................... 5
Glossary
     The following abbreviations and acronyms are used throughout this
     explanatory memorandum.


              Abbreviation                         Definition
      Bill                         Treasury Legislation Amendment (Repeal
                                   Day 2015) Bill 2015
      SG                           Superannuation guarantee




                                                                            1
General outline and financial impact

Amendment to the Treasury Legislation Amendment (Repeal
Day 2015) Bill 2015
        The amendment to the Treasury Legislation Amendment (Repeal Day
        2015) Bill 2015 (Bill) will remove Schedule 1 from the Bill.

        Financial impact: The amendment has nil net financial impact.

        Compliance cost impact: The amendment has nil compliance costs
        impact.




                                                                          3
Amendment to the Treasury Legislation
Amendment (Repeal Day 2015) Bill 2015

Outline of chapter
         1.1      The amendment to the Treasury Legislation Amendment
         (Repeal Day 2015) Bill 2015 (Bill) removes Schedule 1 from the Bill.



Detailed explanation of new law

Amendment - remove Schedule 1

         1.2     Schedule 1 simplifies the superannuation guarantee (SG) charge
         and makes the SG charge and penalty more proportionate to the non-
         compliance.

         1.3      This amendment removes Schedule 1 from the Bill. The other
         Schedules to the Bill are unaffected by this amendment.




                                                                                5