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This is a Bill, not an Act. For current law, see the Acts databases.
2002-2003-2004
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Superannuation
Laws Amendment (2004 Measures No. 1) Bill
2004
No. ,
2004
(Treasury)
A Bill
for an Act to amend the law relating to superannuation, and for other
purposes
Contents
Income Tax Assessment Act
1936 3
Income Tax Assessment Act
1997 3
Superannuation (Government Co-contribution for Low Income Earners) Act
2003 3
Part 1—Interest on unpaid
amounts 5
Superannuation (Government Co-contribution for Low Income Earners) Act
2003 5
Part 2—Repayment dates and general interest
charge 6
Superannuation (Government Co-contribution for Low Income Earners) Act
2003 6
Part 3—Reports 9
Superannuation (Government Co-contribution for Low Income Earners) Act
2003 9
Part 4—Payments of co-contributions into
accounts 11
Superannuation (Government Co-contribution for Low Income Earners) Act
2003 11
A Bill for an Act to amend the law relating to
superannuation, and for other purposes
The Parliament of Australia enacts:
This Act may be cited as the Superannuation Laws Amendment (2004
Measures No. 1) Act 2004.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
Income Tax Assessment Act
1936
1 Subsection 82AAT(1) (note)
Repeal the note, substitute:
Note: See also section 26-80 of the Income Tax
Assessment Act 1997 for cases in which a deduction that a person is entitled
to under this section is denied.
Income Tax Assessment Act
1997
2 At the end of subsection
26-80(3)
Add:
; and (c) you are not entitled to a Government co-contribution payable
under the Superannuation (Government Co-contribution for Low Income Earners)
Act 2003 in respect of the contribution.
3 Application of item 2
The amendment made by item 2 of this Schedule applies to assessments
for the 2004-2005 income year and for subsequent income years.
Superannuation (Government
Co-contribution for Low Income Earners) Act 2003
4 Paragraph 6(1)(b)
Repeal the paragraph, substitute:
(b) 10% or more of the person’s total income for the income year is
attributable to eligible employment of the person; and
5 Subsection 6(2)
Repeal the subsection, substitute:
(2) In this section:
eligible employment has the same meaning as in Subdivision AB
of Division 3 of Part III of the Income Tax Assessment Act
1936.
6 Application of items 4 and
5
The amendments made by items 4 and 5 of this Schedule apply to
determinations as to whether a Government co-contribution is payable in respect
of a person for the 2003-2004 income year and for subsequent income
years.
Part 1—Interest
on unpaid amounts
Superannuation (Government
Co-contribution for Low Income Earners) Act 2003
1 Paragraph 12(2)(d)
Omit “rate specified in the regulations”, substitute
“base interest rate for the day on which the interest is
calculated”.
2 Paragraph 21(3)(d)
Omit “rate specified in the regulations”, substitute
“base interest rate for the day on which the interest is
calculated”.
3 Paragraph 22(4)(d)
Omit “rate specified in the regulations”, substitute
“base interest rate for the day on which the interest is
calculated”.
4 Section 56
Insert:
base interest rate for a day has the same meaning as in
section 8AAD of the Taxation Administration Act 1953.
Part 2—Repayment
dates and general interest charge
Superannuation (Government
Co-contribution for Low Income Earners) Act 2003
5 Subsection 5(2) (simplified
explanation)
Omit “(sections 19 to 25)”, substitute
“(sections 19 to 24)”.
6 Subsection 5(2) (simplified
explanation)
After the sentence starting “Part 5”, insert:
• Part 5A (section 25) sets out circumstances in which
general interest charge is payable.
7 Paragraph 16(1)(b)
Repeal the paragraph, substitute:
(b) the trustee or the provider has not credited the co-contribution to an
account of that kind by the end of the 28th day after the day on which the
co-contribution was paid to the trustee or the provider;
8 At the end of subsection
16(1)
Add:
Note: Section 25 provides for the imposition of general
interest charge if the co-contribution is not repaid within a certain
period.
9 Paragraph 20(1)(b)
Repeal the paragraph, substitute:
(b) the trustee or the provider has not credited the underpaid amount to
an account of that kind by the end of the 28th day after the day on which the
co-contribution was paid to the trustee or the provider;
10 At the end of subsection
20(1)
Add:
Note: Section 25 provides for the imposition of general
interest charge if the underpaid amount is not repaid within a certain
period.
11 At the end of subsection 24(3) (after the
table)
Add:
Note: Section 25 provides for the imposition of general
interest charge if an amount that the person must pay under a notice given to
the person under item 3 or 4 of the above table is not repaid within a
certain period.
12 After section 24
Insert:
13 Before subsection 25(1)
Insert:
(1A) If:
(a) a person is liable under subsection 16(1) or 20(1) to repay an amount;
and
(b) the whole or a part of the amount remains unpaid after the time by
which the amount is due to be paid;
the person is liable to pay general interest charge on the unpaid
amount.
Note: The heading to section 25 is altered by omitting
“on overpayment”.
14 Subsection 25(2)
Omit “The person”, substitute “A person who is liable
under this section to pay general interest charge on an unpaid
amount”.
15 Subsection 25(3)
Repeal the subsection, substitute:
(3) For the purposes of this section:
(a) an amount that a person becomes liable under subsection 16(1) or 20(1)
to repay is due to be paid 7 days after the day on which the person first
becomes liable to repay the amount; and
(b) an amount payable under a notice given under item 3 or 4 of the
table in subsection 24(3) is due to be paid 28 days after the day on which the
notice is given.
Superannuation (Government
Co-contribution for Low Income Earners) Act 2003
16 Section 54
Repeal the section, substitute:
(1) After the end of each quarter the Commissioner must give the Minister
a report, for presentation to the Parliament, on the working of this Act during
the quarter. The report must include, for the quarter to which the report
relates, the prescribed details about beneficiaries of, and amounts of,
Government co-contributions.
(2) After the end of each financial year the Commissioner must give the
Minister a report, for presentation to the Parliament, that:
(a) is on the working of this Act during the financial year; and
(b) includes, for the financial year to which the report relates, the
prescribed details about beneficiaries of, and amounts of, Government
co-contributions; and
(c) specifies, for each prescribed range of total income, the number of
beneficiaries of a Government co-contribution for the financial year whose total
income that was used to determine the amount of their Government co-contribution
fell within that range; and
(d) specifies, for each prescribed range of taxable income, the number of
people who the Commissioner is satisfied:
(i) were, at the end of the financial year, the spouse of a beneficiary of
a Government co-contribution for the financial year; and
(ii) had a taxable income for that financial year that fell within that
range; and
(e) specifies the number of beneficiaries of Government co-contributions
for the financial year who the Commissioner was not satisfied had a spouse at
the end of the financial year; and
(f) specifies the number of people:
(i) who the Commissioner is satisfied were, at the end of the financial
year, the spouse of a beneficiary of a Government co-contribution for the
financial year; and
(ii) whose taxable income for the financial year was not able to be
determined by the Commissioner.
(3) In this section:
spouse of a beneficiary of a Government co-contribution
includes a person who, although not legally married to the beneficiary, lives
with the beneficiary on a genuine domestic basis as the beneficiary’s
husband or wife.
taxable income has the meaning given by section 4-15 of
the Income Tax Assessment Act 1997.
17 Application of item 16
The amendment made by item 16 of this Schedule applies to a report for
any quarter, or financial year, that starts on or after 1 July
2004.
Part 4—Payments
of co-contributions into accounts
Superannuation (Government
Co-contribution for Low Income Earners) Act 2003
18 Paragraph 15(1)(e)
Omit “Superannuation Holding Accounts Reserve”, substitute
“Superannuation Holding Accounts Account”.
19 Subsection 18(1) (paragraph (b) of the
note)
Omit “Superannuation Holding Accounts Reserve”, substitute
“Superannuation Holding Accounts Account”.
20 Paragraph 19(4)(e)
Omit “Superannuation Holding Accounts Reserve”, substitute
“Superannuation Holding Accounts Account”.
21 Subsection 24(3) (table
item 2)
Omit “Superannuation Holding Accounts Reserve”, substitute
“Superannuation Holding Accounts Account”.
22 Section 56
Insert:
Superannuation Holding Accounts Account means the
Superannuation Holding Accounts Account established by subsection 5(3) of the
Financial Management Legislation Amendment Act 1999.