The Tax and Superannuation Laws Amendment (2014 Measures No 2) Regulation 2014 was registered on Fri 16.5.2014. It makes the following amendments to the Income Tax Assessment Regulations 1997 and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999:
- Method for calculating the amount of defined benefit contributions – Division 293 tax applies to high income earners, broadly those whose income and concessionally taxed superannuation contributions exceed $300,000 in an income year. The Regulation provides that an individual’s defined benefit contributions is an estimate of the amount of employer contributions that would be made if contributions to fund all the employer provided benefits expected to paid were made annually.
- Unclaimed money – prescribes a number of South Australian public sector superannuation schemes.
[LTN 16/5/14]