The Tax and Superannuation Laws Amendment (2014 Measures No 4) Regulation 2014 was registered on Tue 16.12.2014.
It amends the Superannuation Industry (Supervision) Regulations 1994 and Income Tax Regulations 1936 to:
(i) allow employers to deliver all of their superannuation contributions data to a single location, and
(ii) to provide tax exemption for pay and allowances received by Australian Defence Force personnel serving in Afghanistan as part of Operation HIGHROAD from 1 January 2015 to 30 June 2015.
Re the super changes, the Regulation amends the SIS Regulations so that, from 1 July 2015, if:
- an employer has a default relationship with a fund; and
- the employer provides the fund with contributions data (in line with the Standards) relating to another fund; then
the fund must pass the contributions data on to the other fund. The effect of this is that each employer will be able to deliver all of its contributions data to a single location and be certain that it will all be routed to the right destination, whether that is a default fund or any other superannuation fund.
[LTN 243, 16/12/14]