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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
(As read a third
time)
Superannuation
Contributions Surcharge Imposition Bill
1997
No. ,
1997
A Bill for an Act to impose
a superannuation contributions surcharge and to declare the rate of the
surcharge
9701140--1,280/25.3.1997--(11/97) Cat. No. 96 7471 3 ISBN 0644
50000 X
Contents
This Bill originated in the House of Representatives; and,
having this day passed, is now ready for presentation to the Senate for its
concurrence.
L.M. BARLIN
Clerk of the House
of Representatives
House of Representatives
24 March
1997
A Bill for an Act to impose a superannuation
contributions surcharge and to declare the rate of the
surcharge
The Parliament of Australia enacts:
This Act may be cited as the Superannuation Contributions Surcharge
Imposition Act 1997.
This Act commences on the day on which it receives the Royal
Assent.
Expressions used in this Act that are defined by the Superannuation
Contributions Surcharge (Assessment and Collection) Act 1997 have the same
meanings as in that Act.
The superannuation contributions surcharge that is payable on a
member’s surchargeable contributions for a financial year under the
Superannuation Contributions Surcharge (Assessment and Collection) Act
1997 is imposed by this Act.
(1) Unless subsection (3) applies, if the member’s adjusted taxable
income for a financial year (relevant adjusted taxable income) is
not less than $70,000 but is less than $85,000, the rate of the superannuation
contributions surcharge that applies to the member for that year is the
percentage of the member’s surchargeable contributions for that year
worked out using the formula:
(2) If the member’s adjusted taxable income for a financial year is
$85,000 or a higher amount, the rate of the superannuation contributions
surcharge that applies to the member for that year is 15% of the member’s
surchargeable contributions for that year.
(3) If:
(a) the member has not quoted his or her tax file number in connection
with the operation or the possible future operation of the Superannuation
Contributions Surcharge (Collection and Assessment) Act 1997 to the
superannuation provider, or one of the superannuation providers, who, at the end
of a financial year, held any of the member’s surchargeable contributions
for that year; and
(b) the Commissioner has not otherwise found out the member’s tax
file number;
the rate of surcharge that applies to the member for that year is 15% of
the member’s surchargeable contributions for that year.
Indexation of certain amounts for 1997-98 financial year and later
financial years
(1) Section 5 applies in relation to an indexing financial year as if each
indexable amount were replaced by the amount worked out using the
formula:
where:
previous indexable amount means the indexable amount for the
financial year immediately before the indexing financial year.
relevant indexation factor means the indexation factor for
the indexing financial year.
Rounding off of indexed amounts
(2) If an amount worked out under subsection (1) is an amount of
dollars and cents:
(a) if the number of cents is less than 50—the amount is to be
rounded down to the nearest whole dollar; or
(b) otherwise—the amount is to be rounded up to the nearest whole
dollar.
Indexation factor
(3) The indexation factor for an indexing financial year is
the number calculated, to 3 decimal places, using the formula:
where:
current March year means the period of 12 months ending on
31 March immediately before the indexing financial year.
previous March year means the period of 12 months immediately
before the current March year.
Rounding up of indexation factor
(4) If the number calculated under subsection (3) for a financial
year would, if it were worked out to 4 decimal places, end with a number greater
than 4, the number so calculated is increased by 0.001.
Change in index numbers
(5) If, at any time, whether before or after the commencement of this Act,
the Australian Statistician has published or publishes an index number for a
quarter in substitution for an index number previously published for the
quarter, the publication of the later index number is to be
disregarded.
Indexable amounts to be published
(6) The Commissioner must publish before, or as soon as practicable after,
the start of the 1997-98 financial year, and before the start of each later
financial year, the indexable amounts as replaced under subsection (1) for
that year.
Definitions
(7) In this section:
indexable amount means:
(a) an amount stated in section 5; or
(b) if that amount has previously been altered under this
section—the altered amount.
indexing financial year means the 1997-98 financial year or a
later financial year.
index number, for a quarter, means the estimate of full-time
adult average weekly ordinary time earnings for the middle month of the quarter
published by the Australian Statistician.
Note: For the purposes of this section, Australian
Statistician means the Australian Statistician referred to in
subsection 5(2) of the Australian Bureau of Statistics Act
1975.
If, apart from this section, section 4 would impose in relation to a
State, or an authority or officer of a State, a superannuation contributions
surcharge the imposition of which in relation to the State, authority or officer
would exceed the legislative power of the Commonwealth, section 4 has
effect as if it did not impose that surcharge in relation to the State,
authority or officer, as the case may be.
(1) Without limiting section 7, this Act does not impose a tax on
property of any kind belonging to a State.
(2) In this section:
property of any kind belonging to a State has the same
meaning as in section 114 of the Constitution.