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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Social Services Legislation Amendment
(Defined Benefit Income Streams) Bill
2015
No. , 2015
(Social Services)
A Bill for an Act to amend the law relating to social
security, and for related purposes
No. , 2015
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Defined benefit income streams
3
Social Security Act 1991
3
No. , 2015
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
1
A Bill for an Act to amend the law relating to social
1
security, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Social Services Legislation
5
Amendment (Defined Benefit Income Streams) Act 2015.
6
2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
No. , 2015
Commencement information
Column 1
Column 2
Column 3
Provisions
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
1 January 2016.
1 January 2016
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Defined benefit income streams Schedule 1
No. , 2015
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
3
Schedule 1
--Defined benefit income streams
1
2
Social Security Act 1991
3
1 Subsection 9(1)
4
Insert:
5
military defined benefit income stream means a defined benefit
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income stream provided under:
7
(a) the scheme provided for by the Defence Forces Retirement
8
Benefits Act 1948; or
9
(b) the scheme provided for by the Defence Force Retirement
10
and Death Benefits Act 1973; or
11
(c) the superannuation scheme referred to in section 4 of the
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Military Superannuation and Benefits Act 1991; or
13
(d) a superannuation scheme specified in an instrument under
14
subsection (2).
15
2 After subsection 9(1F)
16
Insert:
17
(2) The Secretary may, by legislative instrument, specify
18
superannuation schemes for the purposes of paragraph (d) of the
19
definition of military defined benefit income stream in
20
subsection (1).
21
3 Subsection 23(1)
22
Insert:
23
military defined benefit income stream: see subsection 9(1).
24
4 Section 1099A
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Omit "If", substitute "(1) Subject to subsection (2), if".
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5 At the end of section 1099A
27
Add:
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Schedule 1 Defined benefit income streams
4
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
No. , 2015
Cap on deductible amount
1
(2) If:
2
(a) the defined benefit income stream is not a military defined
3
benefit income stream; and
4
(b) apart from this subsection, the deductible amount under
5
subsection (1) in relation to the income stream for the year
6
would exceed 10% of the amount payable to the person for
7
the year under the income stream;
8
then that deductible amount is taken to be an amount equal to 10%
9
of the amount payable to the person for the year under the income
10
stream.
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6 Section 1099D
12
Omit "If", substitute "(1) Subject to subsection (2), if".
13
7 At the end of section 1099D
14
Add:
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Cap on deductible amount
16
(2) If:
17
(a) the defined benefit income stream is not a military defined
18
benefit income stream; and
19
(b) apart from this subsection, the deductible amount under
20
subsection (1) in relation to the income stream for the year
21
would exceed 10% of the amount payable to the person for
22
the year under the income stream;
23
then that deductible amount is taken to be an amount equal to 10%
24
of the amount payable to the person for the year under the income
25
stream.
26
8 After subclause 136(3) of Schedule 1A
27
Insert:
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(3A) If:
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(a) this clause applies; and
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Defined benefit income streams Schedule 1
No. , 2015
Social Services Legislation Amendment (Defined Benefit Income
Streams) Bill 2015
5
(b) an amount (the transitional amount) is worked out under
1
subclause (2) in relation to a defined benefit income stream
2
for a year starting on or after 1 January 2016; and
3
(c) that income stream is not a military defined benefit income
4
stream; and
5
(d) that amount is worked out in relation to the operation of
6
section 1099A or 1099D;
7
then, for the purposes of the operation of paragraph 1099A(2)(b) or
8
1099D(2)(b), the transitional amount is taken to be the deductible
9
amount under subsection 1099A(1) or 1099D(1) in relation to that
10
income stream for that year.
11
Note:
The effect of this subclause is that the cap on the deductible amount
12
under subsection 1099A(2) or 1099D(2) might apply.
13
9 Application provision
14
The amendments made by this Schedule apply in relation to working
15
out the ordinary income of a person in relation to days occurring on or
16
after the commencement of this item (whether the defined benefit
17
income stream began to be provided to the person before, on or after
18
that commencement).
19