Australian Capital Territory Numbered Acts

PAYROLL TAX (AMENDMENT) ACT 1997 (NO. 101 OF 1997) - SECT 4

4. Section 3 of the Principal Act is amended—

    (a)     by inserting after paragraph (a) of the definition of “wages” in subsection (1) the following paragraph:

    “(ab)     a superannuation benefit;”;

        (b)     by inserting in subsection (1) the following definition:

“ ‘superannuation benefit' means money paid or payable by an employer in respect of an employee—

        (a)     to or as a superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;

        (b)     as a superannuation guarantee charge within the meaning of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth; or

        (c)     to or as any other form of superannuation, provident or retirement fund or scheme, including a wholly or partly unfunded fund or scheme;”;

    (c)     by inserting after subsection (1) the following subsections:

“(1A) A reference in the definition of ‘superannuation benefit' in subsection (1) to an employee includes a reference to any person to whom an amount is paid or payable as wages otherwise than as a superannuation benefit.

“(1B) For the purposes of this Act, a superannuation, provident or retirement fund or scheme is unfunded to the extent that money paid or payable by an employer in respect of an employee covered by the fund or scheme is not paid or payable during the employee's period of service with the employer.”; and

    (d)     by omitting subsection (3) and substituting the following subsection:

“(3) A reference in this Act to a benefit—

        (a)     is, subject to paragraph (b), to be taken to include a reference to a fringe benefit within the meaning of the Fringe Benefits Tax Assessment Act 1986 of the Commonwealth; and

        (b)     is to be taken not to include a superannuation benefit.”.