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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation (Excess
Non-concessional Contributions Tax)
Amendment (Temporary Budget Repair
Levy) Bill 2014
No. , 2014
(Treasury)
A Bill for an Act to amend the Superannuation
(Excess Non-concessional Contributions Tax) Act
2007, and for related purposes
No. , 2014
Superannuation (Excess Non-concessional Contributions Tax)
Amendment (Temporary Budget Repair Levy) Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Temporary budget repair levy
3
Superannuation (Excess Non-concessional Contributions Tax) Act
2007
3
No. , 2014
Superannuation (Excess Non-concessional Contributions Tax)
Amendment (Temporary Budget Repair Levy) Bill 2014
1
A Bill for an Act to amend the Superannuation
1
(Excess Non-concessional Contributions Tax) Act
2
2007, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Superannuation (Excess
6
Non-concessional Contributions Tax) Amendment (Temporary
7
Budget Repair Levy) Act 2014.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Superannuation (Excess Non-concessional Contributions Tax)
Amendment (Temporary Budget Repair Levy) Bill 2014
No. , 2014
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (Temporary Budget
Repair Levy) Act 2014 commences.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedule(s)
10
Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Temporary budget repair levy Schedule 1
No. , 2014
Superannuation (Excess Non-concessional Contributions Tax)
Amendment (Temporary Budget Repair Levy) Bill 2014
3
Schedule 1
--Temporary budget repair levy
1
2
Superannuation (Excess Non-concessional Contributions
3
Tax) Act 2007
4
1 At the end of the Act
5
Add:
6
6 Temporary budget repair levy
7
(1) This section applies to the temporary budget repair levy years.
8
(2) Increase the percentage mentioned in section 5 by 2 percentage
9
points.
10
Increase limited if certain contributions already taxed
11
(3) However, do not increase the percentage in relation to a person to
12
the extent the increase would result in the sum of the following
13
amounts payable on the person's excess concessional contributions
14
for a temporary budget repair levy year exceeding 95% of those
15
excess concessional contributions:
16
(a) income tax;
17
(b) excess non-concessional contributions tax.
18
Definitions
19
(4) In this section:
20
excess concessional contributions has the same meaning as in the
21
Income Tax Assessment Act 1997.
22
income tax has the same meaning as in the Income Tax Assessment
23
Act 1997.
24
temporary budget repair levy year has the same meaning as in
25
section 4-11 of the Income Tax (Transitional Provisions) Act 1997.
26