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This is a Bill, not an Act. For current law, see the Acts databases.
2002
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Taxation
Laws Amendment (Superannuation) Bill (No. 2)
2002
No. ,
2002
(Treasury)
A Bill
for an Act to amend laws relating to taxation and superannuation, and for
related purposes
Contents
Part 1—Main
amendments 4
Superannuation Guarantee (Administration) Act
1992 4
Part 2—Consequential
amendments 29
Defence Act
1903 29
Income Tax Assessment Act
1936 29
Income Tax Assessment Act
1997 31
Superannuation Act
1976 31
Superannuation Contributions Tax Imposition Act
1997 31
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Imposition Act
1997 32
Part 3—Application and transitional
provisions 33
Part 1—Amendments related to reduction of the surcharge
rate 37
Superannuation Contributions Tax Imposition Act
1997 37
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Imposition Act
1997 38
Termination Payments Tax Imposition Act
1997 40
Part 2—Amendments related to reduction of the surcharge
cap 42
Defence Force Retirement and Death Benefits Act
1973 42
Parliamentary Contributory Superannuation Act
1948 42
Superannuation Act
1976 43
Superannuation Contributions Tax (Application to the
Commonwealth—Reduction of Benefits) Act
1997 43
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Assessment and Collection Act
1997 44
Part 3—Application
provisions 47
Part 1—Amendments 48
Income Tax Assessment Act
1936 48
Income Tax Assessment Act
1997 48
Part 2—Application
provision 50
Income Tax Assessment Act
1936 51
Income Tax Assessment Act
1936 52
Bankruptcy Act
1966 53
Family Law Legislation Amendment (Superannuation) (Consequential
Provisions) Act
2001 53
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Assessment and Collection Act
1997 54
Superannuation Guarantee (Administration) Act
1992 54
Taxation Administration Act
1953 54
A Bill for an Act to amend laws relating to taxation and
superannuation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Taxation Laws Amendment (Superannuation)
Act (No. 2) 2002.
(1) Each provision of this Act specified in column 1 of the table
commences, or is taken to have commenced, on the day or at the time specified in
column 2 of the table.
|
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 on which this Act receives the Royal Assent |
|
|
2. Schedule 1, Parts 1 and 2 |
1 July 2003 |
|
|
3. Schedule 1, Part 3 |
The earlier of: |
|
|
4. Schedule 2, items 1 to 29 |
1 July 2002 |
|
|
5. Schedule 2, item 30 |
The later of: |
|
|
6. Schedule 2, items 31 to 35 |
1 July 2002 |
|
|
7. Schedule 3 |
The day on which this Act receives the Royal Assent |
|
|
8. Schedule 4 |
The day on which this Act receives the Royal Assent |
|
|
9. Schedule 5 |
The day on which this Act receives the Royal Assent |
|
|
10. Schedule 6, items 1 and 2 |
The later of: |
|
|
11. Schedule 6, items 3 to 8 |
The day on which this Act receives the Royal Assent |
|
|
12. Schedule 6, item 9 |
The later of: |
|
|
13. Schedule 6, items 10 and 11 |
The later of: |
|
|
14. Schedule 6, items 12 to 14 |
The later of: |
|
Note: This table relates only to the provisions of this Act
as originally passed by the Parliament and assented to. It will not be expanded
to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table is for additional information that is not part
of this Act. This information may be included in any published version of this
Act.
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.
Section 37 of the Superannuation Guarantee (Administration) Act
1992 and section 170 of the Income Tax Assessment Act 1936 do
not prevent the amendment of an assessment for the purposes of giving effect to
this Act.
Superannuation Guarantee
(Administration) Act 1992
1 Subsection 5(3)
Repeal the subsection, substitute:
(3) Part 8 has effect as if any superannuation guarantee charge for a
quarter in respect of a superannuation guarantee shortfall of the Commonwealth
had been paid on:
(a) for a quarter beginning on 1 January—14 May in the
next quarter; and
(b) for a quarter beginning on 1 April—14 August in the
next quarter; and
(c) for a quarter beginning on 1 July—14 November in the
next quarter; and
(d) for a quarter beginning on 1 October—14 February in
the next quarter.
2 Subsection 5A(2)
Omit “, for the year beginning on 1 July 1993 and for all later
years,”.
3 Subsection 5A(3)
Omit “, for the year beginning on 1 July 1993 or for any later
year,”.
4 Subsection 6(1) (definition of
administration component)
Omit “year”, substitute “quarter”.
5 Subsection 6(1) (definition of annual
national payroll)
Repeal the definition.
6 Subsection 6(1) (paragraph (a) of the
definition of assessment)
Omit “in a year”, substitute “for a
quarter”.
7 Subsection 6(1) (definition of base
year)
Repeal the definition.
8 Subsection 6(1) (definition of contribution
period)
Repeal the definition.
9 Subsection 6(1) (definition of
half-year)
Repeal the definition.
10 Subsection 6(1) (definition of individual
superannuation guarantee shortfall)
Omit “sections 18 and 19”, substitute
“section 19”.
11 Subsection 6(1) (definition of nominal
interest component)
Omit “year”, substitute “quarter”.
12 Subsection 6(1) (paragraph (b) of the
definition of ordinary time earnings)
Omit “contribution period”, substitute
“quarter”.
13 Subsection 6(1)
Insert:
penalty charge, in respect of superannuation guarantee charge
and a quarter, means:
(a) general interest charge in respect of non-payment of the
superannuation guarantee charge; or
(b) additional superannuation guarantee charge that is payable under
section 59 and calculated by reference to the superannuation guarantee
charge.
14 Subsection 6(1) (definition of
quarter)
Repeal the definition, substitute:
quarter means a period of 3 months beginning on
1 January, 1 April, 1 July or 1 October.
15 Subsection 6A(2)
After “in relation to the fund”, insert “or
scheme”.
16 Subsection 6A(4)
Omit “contribution period”, substitute
“quarter”.
17 Subsection 6B(1)
Repeal the subsection, substitute:
(1) A conversion notice is a written notice by the trustee of a
superannuation fund given to the Commissioner stating that the fund, or a
particular superannuation scheme embodied in the governing rules of the fund, is
to be treated as a defined benefit superannuation scheme for the purposes of
this Act.
18 Subsection 6B(2)
After “fund”, insert “or scheme”.
19 Subsection 6B(2)
Omit “of Insurance and Superannuation”.
20 Subsection 6B(3)
Repeal the subsection, substitute:
(3) A conversion notice may be expressed to take effect on a day that is
not earlier than:
(a) if the notice is given before 15 May in a quarter starting on
1 April—1 January in the previous quarter; or
(b) if the notice is given before 15 August in a quarter starting on
1 July—1 April in the previous quarter; or
(c) if the notice is given before 15 November in a quarter starting
on 1 October—1 July in the previous quarter; or
(d) if the notice is given before 15 February in a quarter starting
on 1 January—1 October in the previous quarter; or
(e) in any other case—the first day of the quarter in which the
notice is given.
21 Subsection 6B(4)
Omit “all employers contributing to the fund”, substitute
“each employer contributing to the fund or scheme”.
22 Subsection 6B(5)
After “superannuation fund”, insert “or a superannuation
scheme”.
23 Subsection 6B(5)
After “the fund”, insert “or scheme”.
24 At the end of subsection
9(1)
Add:
Note: The March quarter is a quarter beginning on
1 January.
25 Subsections 10(4) and
(5)
Repeal the subsections, substitute:
(4) A benefit certificate may be expressed to have effect from:
(a) a day that is no earlier than:
(i) if the certificate is issued before 15 May in a quarter starting
on 1 April, or before a later day in that quarter allowed by the
Commissioner—1 January in the previous quarter; or
(ii) if the certificate is issued before 15 August in a quarter
starting on 1 July, or before a later day in that quarter allowed by the
Commissioner—1 April in the previous quarter; or
(iii) if the certificate is issued before 15 November in a quarter
starting on 1 October, or before a later day in that quarter allowed by the
Commissioner—1 July in the previous quarter; or
(iv) if the certificate is issued before 15 February in a quarter
starting on 1 January, or before a later day in that quarter allowed by the
Commissioner—1 October in the previous quarter; or
(v) in any other case—the first day of the quarter in which the
certificate is issued; and
(b) a day that is no later than the day on which the certificate is
issued.
26 Paragraph 13(1)(b)
Omit “contribution period”, substitute
“quarter”.
27 Subsection 13(1B)
Omit “in relation to a contribution period”.
28 Subsection 13(1C)
Omit “that other employee, in relation to a contribution
period”, substitute “that other employee”.
29 Subsection 13(1C)
Omit “the current employee, in relation to a contribution
period”, substitute “the current employee, in relation to a
quarter”.
30 Paragraph 13(2)(a)
Omit “contribution period”, substitute
“quarter”.
31 Subsection 13(3)
Omit “contribution period”, substitute
“quarter”.
32 Subsection 13(3)
Omit “that period”, substitute “that
quarter”.
33 Subsection 13(5) (paragraphs (aa) and
(ab) of the definition of reference earnings)
Omit “contribution period”, substitute
“quarter”.
34 Paragraph 13A(1)(a)
Omit “contribution period”, substitute
“quarter”.
35 Section 13B
Omit “contribution period”, substitute
“quarter”.
36 Paragraphs 14(1)(a), (ab) and
(b)
Omit “contribution period”, substitute
“quarter”.
37 Paragraph 14(2)(a)
Omit “contribution period”, substitute
“quarter”.
38 Subsection 14(3)
Omit “contribution period” (wherever occurring), substitute
“quarter”.
39 Subsection 14(4)
Omit “contribution period”, substitute
“quarter”.
40 Subsection 14(4)
Omit “that period”, substitute “that
quarter”.
41 Subsections 15(1) and
(2)
Repeal the subsections, substitute:
(1) The maximum contribution base for a quarter in the 2001-02 year is
$27,510.
42 Subsection 15(3)
Omit “contribution period” (first occurring), substitute
“quarter”.
43 Subsection 15(3)
(formula)
Repeal the formula, substitute:
44 Subsection 15(4)
Omit “(2) or”.
45 Section 16
Omit “year”, substitute “quarter”.
46 Section 17
Omit “year” (wherever occurring), substitute
“quarter”.
47 Section 18
Repeal the section.
48 Subsections 19(1) and
(2)
Repeal the subsections, substitute:
(1) An employer’s individual superannuation guarantee
shortfall for an employee for a quarter is the amount worked out using
the formula:
where:
charge percentage, for an employer for a
quarter, means:
(a) the number specified in subsection (2) (unless paragraph (b)
applies); or
(b) if the number specified in subsection (2) is reduced in respect
of the employee by either or both sections 22 and 23—the number as
reduced.
(2) The charge percentage is 9.
Note: This might be reduced under section 22 or
23.
Note: The heading to section 19 is replaced by the
heading “Individual superannuation guarantee
shortfalls”.
49 Subsection 19(3)
Omit “the contribution period that corresponds to that
quarter”, substitute “the quarter”.
50 Subsection 19(4)
Omit “quarterly shortfall in respect of an employee”,
substitute “individual superannuation guarantee shortfall for an
employee”.
51 Sections 20 and 21
Repeal the sections.
52 Paragraph 22(2)(a)
Omit “a contribution period”, substitute “a
quarter”.
53 Subsection 22(2)
Omit “charge percentage for the employer, as calculated under
section 20 or 21, in respect of an employee in the class for the
contribution period”, substitute “charge percentage for the
employer, as specified in subsection 19(2), in respect of an employee in the
class for the quarter,”.
54 Subsection 22(2) (paragraph (B) of the
definition of B)
Omit “the contribution period”, substitute “the
quarter”.
55 Subsection 22(3) (definition of the
employment period)
Omit “contribution period”, substitute
“quarter”.
56 Subsection 22(3) (definition of the scheme
membership period)
Omit “contribution period”, substitute
“quarter”.
57 Subsection 22(3) (definition of the
certificate period)
Omit “contribution period”, substitute
“quarter”.
58 Subsection 22(4)
Omit “contribution period”, substitute
“quarter”.
59 Subsection 23(2)
Omit “subsections (6), (6A) and (7), if, in a contribution
period”, substitute “subsections (6) and (7), if, in a
quarter”.
60 Paragraph 23(2)(a)
Omit “a law of a kind referred to in paragraph 13(1)(ab) or
14(1)(ab)”, substitute “a law of the Commonwealth, a State or a
Territory”.
61 Subsection 23(2)
Omit “charge percentage for the employer, as calculated under
section 20 or 21, in respect of the employee for the contribution
period”, substitute “charge percentage for the employer, as
specified in subsection 19(2), in respect of the employee for the
quarter,”.
62 Subsection 23(2) (paragraph (A) of the
definition of A)
Omit “the contribution period—for the whole of that
period”, substitute “the quarter—for the whole of the
quarter”.
63 Subsection 23(2) (paragraph (B) of the
definition of A)
Omit “the period” (wherever occurring), substitute “the
quarter”.
64 Subsection 23(2) (paragraph (B) of the
definition of B)
Omit “the contribution period” (wherever occurring), substitute
“the quarter”.
65 Subsection 23(3)
Omit “subsections (6), (6A) and (7), if, in a contribution
period”, substitute “subsections (6) and (7), if, in a
quarter”.
66 Subsection 23(3)
Omit “charge percentage for the employer, as calculated under
section 20 or 21, in respect of the employee for the contribution
period”, substitute “charge percentage for the employer, as
specified in subsection 19(2), in respect of the employee for the
quarter,”.
67 Subsection 23(3) (paragraph (A) of the
definition of A)
Omit “the contribution period—for the whole of that
period”, substitute “the quarter—for the whole of the
quarter”.
68 Subsection 23(3) (paragraph (B) of the
definition of A)
Omit “the period” (wherever occurring), substitute “the
quarter”.
69 Subsection 23(3) (paragraph (B) of the
definition of B)
Omit “the contribution period” (wherever occurring), substitute
“the quarter”.
70 Subsection 23(4)
Omit “subsections (6), (6A) and (7), if, in a contribution
period”, substitute “subsections (6) and (7), if, in a
quarter”.
71 Paragraph 23(4)(c)
Omit “the contribution period”, substitute “the
quarter”.
72 Subsection 23(4)
Omit “charge percentage for the employer, as calculated under
section 20 or 21, in respect of the employee for the contribution
period”, substitute “charge percentage for the employer, as
specified in subsection 19(2), in respect of the employee for the
quarter,”.
73 Subsection 23(4) (paragraph (A) of the
definition of A)
Omit “the contribution period—for the whole of that
period”, substitute “the quarter—for the whole of the
quarter”.
74 Subsection 23(4) (paragraph (B) of the
definition of A)
Omit “the period” (wherever occurring), substitute “the
quarter”.
75 Subsection 23(4) (paragraph (B) of the
definition of B)
Omit “the contribution period” (wherever occurring), substitute
“the quarter”.
76 Subsection 23(4A)
Omit “subsections (6), (6A) and (7)”, substitute
“subsections (6) and (7)”.
77 Paragraph 23(4A)(a)
Omit “a contribution period”, substitute “a
quarter”.
78 Paragraph 23(4A)(a)
Omit “current contribution period”, substitute
“current quarter”.
79 Paragraph 23(4A)(d)
Omit “contribution period” (wherever occurring), substitute
“quarter”.
80 Paragraph 23(4A)(e)
Omit “contribution period”, substitute
“quarter”.
81 Subsection 23(4A)
Omit “the charge percentage for the employer, as calculated under
section 20 or 21, in respect of the employee for the current contribution
period”, substitute “the charge percentage for the employer, as
specified in subsection 19(2), in respect of the employee for the current
quarter”.
82 Subsection 23(4B)
(formula)
Repeal the formula, substitute:
83 Subsection 23(4C) (definition of
contribution period factor)
Repeal the definition.
84 Subsection 23(4C) (definition of
employment factor)
Omit “a contribution period”, substitute “a
quarter”.
85 Subsection 23(4C) (paragraph (a) of the
definition of employment factor)
Omit “the contribution period” (wherever occurring), substitute
“the quarter”.
86 Subsection 23(4C) (definition of notional
earnings base)
Omit “a contribution period”, substitute “a
quarter”.
87 Subsection 23(4C) (definition of notional
earnings base)
Omit “the period” (first occurring), substitute “the
quarter”.
88 Subsection 23(4C) (paragraph (a) of the
definition of notional earnings base)
Omit “the contribution period”, substitute “the
quarter”.
89 Subsection 23(4C) (definition of
Adjustment earnings)
Omit “the contribution period”, substitute “the
quarter”.
90 Subsection 23(4C) (definition of Full-time
employee’s hours)
Omit “in the period in which the employee is employed”,
substitute “in the quarter in which the employee is
employed”.
91 Subsection 23(4C) (definition of Number of
hours employed)
Omit “the contribution period”, substitute “the
quarter”.
92 At the end of subsection
23(4C)
Add:
quarter factor, in relation to an employee in the class for a
quarter, means:
(a) if, in the quarter, the period for which the employee is employed by
the employer under the award is less than the whole of the quarter—the
fraction that represents the period for which the employee is employed by the
employer under the award as a proportion of the whole of the quarter;
or
(b) in any other case—1.
93 Subsection 23(4D)
Omit “subsections (6), (6A) and (7), if, during a contribution
period”, substitute “subsections (6) and (7), if, in a
quarter”.
94 Subsection 23(4D)
Omit “as calculated under section 20 or 21, in respect of the
employee for the contribution period”, substitute “as specified in
subsection 19(2), in respect of the employee for the quarter”.
95 Subsection 23(4E)
(formula)
Repeal the formula, substitute:
96 Subsection 23(4F) (definition of
contribution period factor)
Repeal the definition.
97 Subsection 23(4F) (paragraph (a) of the
definition of employment factor)
Omit “contribution period”, substitute
“quarter”.
98 Subsection 23(4F) (definition of notional
earnings base)
Repeal the definition, substitute:
notional earnings base means:
(a) if the employee is a full-time employee—the notional earnings
base of the employee within the meaning of section 13; or
(b) if the employee is a part-time employee—the amount worked out
using the formula:
where:
full-time employee’s hours means the number of
ordinary hours of work for which an equivalent full-time employee would have
been employed in the quarter in which the employee is employed.
number of hours employed means the number of hours for
which the employee is employed in the quarter.
99 At the end of subsection
23(4F)
Add:
quarter factor means:
(a) if, in the quarter, the period for which the employer contributes for
the benefit of the employee to the Aberfoyle Award Superannuation Fund is less
than the whole of the quarter—the fraction that represents the period for
which the employer so contributes as a proportion of the whole of the quarter;
or
(b) in any other case—1.
100 Subsection 23(5)
Omit “subsections (6), (6A) and (7), if, in a contribution
period”, substitute “subsections (6) and (7), if, in a
quarter”.
101 Paragraph 23(5)(b)
Omit “the contribution period”, substitute “the
quarter”.
102 Subsection 23(5)
Omit “as calculated under section 20 or 21, in respect of the
employee for the contribution period”, substitute “as specified in
subsection 19(2), in respect of the employee for the quarter,”.
103 Subsection 23(5) (paragraph (A) of the
definition of A)
Omit “the contribution period—for the whole of that
period”, substitute “the quarter—for the whole of the
quarter”.
104 Subsection 23(5) (paragraph (B) of the
definition of A)
Omit “the period” (wherever occurring), substitute “the
quarter”.
105 Subsection 23(5) (paragraph (B) of the
definition of B)
Omit “the contribution period” (wherever occurring), substitute
“the quarter”.
106 Subsections 23(6) and
(6A)
Repeal the subsections, substitute:
Some contributions made after a quarter ends may be taken into account
in the quarter
(6) A contribution to a complying superannuation fund or an RSA made by an
employer for the benefit of an employee may be taken into account under this
section as having been made in a quarter if it is in fact made within the period
of 28 days after the end of the quarter.
107 Subsection 23(6B)
Repeal the subsection.
108 Subsection 23(7)
Omit “contribution period commencing after 30 June 1993”,
substitute “quarter”.
Note: The heading to subsection 23(7) is replaced by the
heading “Certain contributions made before a quarter may be taken into
account in the quarter”.
109 Subsection 23(7)
Omit “the contribution period”, substitute “the
quarter”.
110 Subsection 23(8)
Omit “contribution period” (wherever occurring), substitute
“quarter”.
Note: The following heading to subsection 23(8) is inserted
“Contributions taken into account for a quarter not to be taken into
account for any other quarter”.
111 Subsection 23(8A)
Omit “RSA” (first occurring), substitute “superannuation
scheme”.
112 Subsection 23(8A)
Omit “RSA” (second occurring), substitute
“scheme”.
113 Subsection 23(9)
Omit “a law of a kind referred to in paragraph 13(1)(ab) or
14(1)(ab)”, substitute “a law of the Commonwealth, a State or a
Territory”.
114 Subsection 23(10)
Omit “contribution period”, substitute
“quarter”.
115 Subsections 23(11) and
(12)
Omit “18 or”.
116 After section 23
Insert:
(1) This section applies if an employer makes a contribution to a
superannuation fund or an RSA, for the benefit of an employee, that reduces the
rate of the employer’s charge percentage under section 23 (other than
a contribution that is taken to have been made because of subsection
23(9A)).
Note: This section does apply to contributions that are
taken to have been made because of subsection 23(13).
(2) The employer must give a report to the employee in writing
identifying the amount of the contribution and setting out any other
information required by the regulations.
(3) The employer must give the report within 30 days of making the
contribution.
(4) An employer commits an offence if:
(a) the employer makes a contribution to an RSA or a superannuation fund
for the benefit of an employee; and
(b) the contribution reduces the rate of the employer’s charge
percentage under section 23; and
(c) the employer does not give a report to the employee as
required.
Penalty: 30 penalty units.
Note: False or misleading reports are covered by the
offences in sections 137.1 and 137.2 of the Criminal
Code.
(5) Strict liability applies to paragraph (4)(b).
Note: For strict liability, see
section 6.1 of the Criminal Code.
117 Subsection 24(1)
Omit “a contribution period”, substitute “a
quarter”.
118 Subsection 24(1)
Omit “the contribution period”, substitute “the
quarter”.
119 Paragraph 24(1)(b)
Omit “earlier contribution period”, substitute “earlier
quarter”.
120 Subsection 24(2)
Omit “a contribution period”, substitute “a
quarter”.
121 Paragraph 24(2)(a)
Omit “the contribution period”, substitute “the
quarter”.
122 Subsection 24(2)
Omit “the contribution period” (last occurring), substitute
“the quarter”.
123 Subsection 24(5) (definition of starting
day)
Repeal the definition, substitute:
starting day means:
(a) in relation to a benefit certificate that has effect in relation to a
superannuation scheme for the whole of a quarter—the first day of the
quarter; or
(b) in relation to a benefit certificate that has effect in relation to a
superannuation scheme for a part of a quarter—the first day in the quarter
for which the benefit certificate has effect.
124 Subsection 26(2)
Omit “18 or”.
125 Subsection 27(1)
Omit “18 or”.
126 Subsection 27(2)
Omit “$450 by way of salary or wages in a month”, substitute
“$1350 by way of salary or wages in a quarter”.
127 Subsection 27(2)
Omit “18 or”.
128 Section 28
Omit “section 18 or 19”, substitute
“section 19”.
129 Paragraph 30(b)
Omit “in a year”, substitute “for a
quarter”.
130 Section 30
Omit “for the year”, substitute “for the
quarter”.
131 Section 31
Omit “year” (wherever occurring), substitute
“quarter”.
132 Section 32
Omit “a year”, substitute “a quarter”.
133 Section 32 (definition of Base
amount)
Repeal the definition, substitute:
base amount is the amount (if any) prescribed in the
regulations.
134 Section 32 (definition of
N)
Omit “for the year”, substitute “for the
quarter”.
135 Section 32 (definition of Per capita
amount)
Omit “$30”, substitute “$20”.
136 Subsection 33(1)
Repeal the subsection, substitute:
(1) An employer who has a superannuation guarantee shortfall for a quarter
must lodge a superannuation guarantee statement for the quarter on or
before:
(a) for a quarter beginning on 1 January—14 May in the
next quarter; or
(b) for a quarter beginning on 1 April—14 August in the
next quarter; or
(c) for a quarter beginning on 1 July—14 November in the
next quarter; or
(d) for a quarter beginning on 1 October—14 February in
the next quarter.
(1A) However, the Commissioner may allow an employer to lodge a
superannuation guarantee statement on a later day.
Note: The heading to section 33 is replaced by the
heading “Superannuation guarantee
statements”.
137 Paragraphs 33(2)(b), (d) and
(e)
Omit “the year”, substitute “the
quarter”.
138 Paragraph 33(2)(f)
Repeal the paragraph.
139 Paragraphs 33(2)(g) and
(h)
Omit “the year”, substitute “the
quarter”.
140 Subsection 33(4)
Omit “the year”, substitute “the
quarter”.
141 Section 34
Omit “year” (wherever occurring), substitute
“quarter”.
142 Paragraph 35(1)(a)
Omit “a year”, substitute “a quarter”.
Note: The heading to section 35 is altered by omitting
“for year” and substituting “for a
quarter”.
143 Paragraph 35(1)(b)
Omit “the year”, substitute “the
quarter”.
144 Paragraph 35(1)(c)
Omit “the year”, substitute “the
quarter”.
145 Paragraph 35(1)(d)
Repeal the paragraph, substitute:
(d) the assessment is taken to have been made on the later of the day on
which the statement was lodged and the following day:
(i) for a quarter beginning on 1 January—14 May in the
next quarter;
(ii) for a quarter beginning on 1 April—14 August in the
next quarter;
(iii) for a quarter beginning on 1 July—14 November in the
next quarter;
(iv) for a quarter beginning on 1 October—14 February in
the next quarter; and
146 Paragraph 35(1)(e)
Omit “the year”, substitute “the
quarter”.
147 Subsection 35(2)
Omit “a year”, substitute “a quarter”.
148 Subsection 36(1)
Omit “year” (wherever occurring), substitute
“quarter”.
149 Subsection 36(3)
Repeal the subsection, substitute:
(3) Superannuation guarantee charge in relation to an assessment made
under subsection (1) is payable on the day on which the assessment is
made.
150 Section 46
Repeal the section, substitute:
(1) Superannuation guarantee charge for a quarter is payable:
(a) if, on or before the lodgment day for the quarter, the employer lodges
a superannuation guarantee statement or a statement under section 34
indicating a superannuation guarantee shortfall for that quarter—on the
lodgment day; or
(b) if, after the lodgment day, the employer lodges a superannuation
guarantee statement or a statement under section 34 indicating a
superannuation guarantee shortfall for that quarter—on the day on which
the statement is lodged.
Note 1: If a default assessment is made for a quarter then
the superannuation guarantee charge is payable on the day on which the
assessment is made: see section 36.
Note 2: For provisions about collection and recovery of
superannuation guarantee charge, see Part 4-15 in Schedule 1 to the
Taxation Administration Act 1953.
(2) In this section:
lodgment day for a quarter means the following day:
(a) for a quarter beginning on 1 January—14 May in the
next quarter;
(b) for a quarter beginning on 1 April—14 August in the
next quarter;
(c) for a quarter beginning on 1 July—14 November in the
next quarter;
(d) for a quarter beginning on 1 October—14 February in
the next quarter.
151 Paragraphs 49(2)(a) and
(b)
Omit “for the year”, substitute “for the
quarter”.
152 After section 49
Insert:
The Commissioner must apply payments of superannuation guarantee charge,
or related penalty charge, for a quarter that are made by or on behalf an
employer, so that the employer’s liability to pay the nominal interest
component for the quarter is discharged before all other amounts.
153 Part 7 (heading)
Repeal the heading, substitute:
154 Subsection 59(1)
Omit “year” (wherever occurring), substitute
“quarter”.
155 Subsection 59(2)
Omit “in relation to a year”, substitute “for a
quarter”.
156 Paragraph 59(2)(a)
Omit “the year”, substitute “the
quarter”.
157 Subparagraph
59(2)(a)(i)
Repeal the subparagraph.
158 Subparagraphs 59(2)(a)(ii), (iii) and
(iv)
Omit “for the year”, substitute “for the
quarter”.
159 Part 8 (heading)
Repeal the heading, substitute:
160 Section 63
Repeal the section, substitute:
(1) This Part applies to a charge payment in respect of one or more
employees (the benefiting employee or benefiting
employees) that is made by or on behalf of an employer.
(2) In this section:
charge payment means a payment of superannuation guarantee
charge, or related penalty charge, for a quarter.
(1) If a payment to which this Part applies is made, the Commissioner is
required to pay (or otherwise deal with) an amount, which is called the
shortfall component, for the benefit of a benefiting employee under
sections 65 to 67.
(2) If there is only one benefiting employee, the shortfall component for
the payment is worked out under section 64A.
(3) If there is more than one benefiting employee, there will be separate
shortfall components for each of the employees for the payment, worked out under
section 64B.
161 Section 64
Repeal the section, substitute:
(1) This section applies if there is only one benefiting
employee.
(2) The shortfall component for the payment is the lesser of
the following amounts:
(a) the amount of the payment;
(b) the amount of the employee entitlement, calculated at the time when
the payment is made (see subsection (3)).
(3) The employee entitlement, calculated at a particular
time, is the sum of the following amounts:
(a) the individual superannuation guarantee shortfall for the employee for
the quarter;
(b) any general interest charge, in respect of non-payment of
superannuation guarantee charge payable on that shortfall, that has been paid
by, or is payable at, the particular time;
(c) any nominal interest component for the quarter that has been paid by,
or is payable at, the particular time;
reduced (but not below zero) by the amounts of any previous payments to
which this Part applies that relate to the same quarter, employer and
employee.
(1) This section applies if there is more than one benefiting employee. In
this situation, separate shortfall components are worked out for each of the
benefiting employees.
(2) The shortfall component for a payment, in respect of a
particular employee, is the employee’s proportion of the lesser of the
following amounts:
(a) the amount of the payment;
(b) the amount of the total employee entitlement, calculated at the time
when the payment is made.
(3) An employee’s proportion of an amount is the
following proportion:
(4) The total employee entitlement, calculated at a
particular time, is the sum of the following amounts:
(a) the employer’s individual superannuation guarantee shortfalls
for the quarter;
(b) any general interest charge, in respect of non-payment of
superannuation guarantee charge payable on those shortfalls, that has been paid
by, or is payable at, the particular time;
(c) any nominal interest component for the quarter that has been paid by,
or is payable at, the particular time;
reduced (but not below zero) by the amounts of any previous payments to
which this Part applies that relate to the same quarter, employer and
employees.
162 Subsection 65(1)
Repeal the subsection, substitute:
(1) Except in a case covered by section 65A, 66 or 67, the
Commissioner is required to deal with the amount of the shortfall
component in one of the following ways:
(a) in any case—pay the amount of the component, for the benefit of
the employee, to:
(i) an RSA; or
(ii) an account with a complying superannuation fund; or
(iii) an account with a complying approved deposit fund;
that is held in the name of the employee and that is determined by the
Commissioner to belong to the employee;
(b) if the employee has nominated an RSA, a complying superannuation fund
or a complying approved deposit fund in accordance with the
regulations:
(i) pay the amount of the component to the RSA or fund for the benefit of
the employee; or
(ii) make arrangements in accordance with the regulations to enable the
amount of the component to be paid to the RSA or fund for the benefit of the
employee;
(c) if the employee has not made a nomination under
paragraph (b)—credit the amount of the component to an account kept
under the Small Superannuation Accounts Act 1995 in the name of the
employee.
163 Subsection 65(2)
Omit “A payment of a shortfall component”, substitute “A
payment of the amount of a shortfall component”.
164 Subsection 65(3)
Omit “A payment of a shortfall component”, substitute “A
payment of the amount of a shortfall component”.
165 At the end of
section 65
Add:
(6) A payment under paragraph (1)(a) to a particular account is taken
to be a payment to the complying superannuation fund or the complying approved
deposit fund with which the account is held, for the purposes of this section
and any other laws of the Commonwealth that refer to payments under this
section.
166 After section 65
Insert:
The Commissioner must pay the amount of the shortfall component
directly to the employee (whether or not he or she is still an employee)
if:
(a) the employee is 65 years or more; and
(b) the employee has requested the Commissioner in the approved form to
pay the amount to him or her.
167 Subsection 79(2)
Repeal the subsection, substitute:
(2) The records must include any documents relevant to ascertaining the
individual superannuation guarantee shortfalls of the employer for a
quarter.
168 Section 80
Omit “$500”, substitute “5 penalty
units”.
Part 2—Consequential
amendments
169 Subsection 52(3A)
Omit “in respect of a member referred to in subsection (1) for
any contribution period”, substitute “for a member referred to in
subsection (1) for any quarter”.
Income Tax Assessment Act
1936
170 Subsection 27A(1) (paragraph (fe) of
the definition of eligible termination payment)
After “section”, insert “65A or”.
171 Paragraph 82AAS(4)(a)
Omit “superannuation guarantee charge is made for a financial
year”, substitute “superannuation guarantee charge, or related
penalty charge, is made for a quarter”.
172 Paragraph 82AAS(4)(b)
Omit “shortfall component of the payment”, substitute
“shortfall component for the payment”.
173 Paragraphs 82AAS(4)(d) and
(f)
Omit “that financial year”, substitute “the financial
year within which the quarter falls”.
174 Paragraph 82AAS(5)(a)
Omit “superannuation guarantee charge is made for a financial
year”, substitute “superannuation guarantee charge, or related
penalty charge, is made for a quarter”.
175 Paragraph 82AAS(5)(b)
Omit “shortfall component of the payment”, substitute
“shortfall component for the payment”.
176 Paragraph 82AAS(5)(c)
After “section”, insert “65A or”.
177 Paragraphs 82AAS(5)(d) and
(f)
Omit “that financial year”, substitute “the financial
year within which the quarter falls”.
178 Paragraph 82AAS(6)(a)
Omit “superannuation guarantee charge is made for a financial
year”, substitute “superannuation guarantee charge, or related
penalty charge, is made for a quarter”.
179 Paragraph 82AAS(6)(b)
Omit “shortfall component of the payment”, substitute
“shortfall component for the payment”.
180 Paragraphs 82AAS(6)(d) and
(f)
Omit “that financial year”, substitute “the financial
year within which the quarter falls”.
181 Paragraphs 82AAT(1F)(a) and
(b)
Omit “contribution period”, substitute
“quarter”.
182 Subsection 57-50(6) of
Schedule 2D
Omit “at the start of the earliest contribution period (within the
meaning of the Superannuation Guarantee (Administration) Act
1992)”, substitute “on 1 July 1992”.
183 Subsection 57-50(8) of
Schedule 2D
Omit all the words after “in respect of” (first occurring),
substitute “a period so as not to have a superannuation guarantee
shortfall under the Superannuation Guarantee (Administration) Act 1992 in
respect of that period”.
184 At the end of subsection 57-50(8) of
Schedule 2D
Add:
Note: The relevant periods for which shortfalls are or were
calculated under that Act are quarters (from 1 July 1993 onwards) or
half-years (from 1 July 1992 to 30 June 1993).
Income Tax Assessment Act
1997
185 Subsection 85-25(3)
Omit “an *individual superannuation
guarantee shortfall in respect of the associate”, substitute “any
*individual superannuation guarantee shortfalls
in respect of the associate for any of the
*quarters in the income year”.
186 Subsection 86-75(2)
Omit “an *individual superannuation
guarantee shortfall in respect of the individual”, substitute “any
*individual superannuation guarantee shortfalls
in respect of the individual for any of the
*quarters in the income year”.
187 Subsection 110SC(3)
Repeal the subsection, substitute:
(3) In so determining, the Board is to have regard to the charge
percentage as specified in subsection 19(2) of the Superannuation Guarantee
(Administration) Act 1992.
188 Subsection 110SE(6)
Omit “in respect of the person for a financial year”,
substitute “for the person for a quarter”.
Superannuation Contributions
Tax Imposition Act 1997
189 Subsection 6(2) (definition of current
charge percentage)
Repeal the definition, substitute:
current charge percentage means the number that is specified
in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992
for the quarter beginning on 1 July of the relevant financial
year.
190 Subsection 6(2) (definition of previous
charge percentage)
Repeal the definition, substitute:
previous charge percentage means the number that is specified
in subsection 19(2) of the Superannuation Guarantee (Administration) Act
1992 for the quarter beginning on 1 July of the financial year
immediately before the relevant financial year.
Superannuation Contributions
Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act
1997
191 Subsection 6(2) (definition of current
charge percentage)
Repeal the definition, substitute:
current charge percentage means the number that is specified
in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992
for the quarter beginning on 1 July of the relevant financial
year.
192 Subsection 6(2) (definition of previous
charge percentage)
Repeal the definition, substitute:
previous charge percentage means the number that is specified
in subsection 19(2) of the Superannuation Guarantee (Administration) Act
1992 for the quarter beginning on 1 July of the financial year
immediately before the relevant financial year.
Part 3—Application
and transitional provisions
193 Application of amendments made by
Part 1—general
Subject to this Part, the amendments made by Part 1 apply in relation
to:
(a) the determination of superannuation guarantee shortfalls under the
Superannuation Guarantee (Administration) Act 1992 for quarters that
commence on or after 1 July 2003; and
(b) matters relating to such shortfalls.
Note 1: A matter relating to a shortfall includes, for
example, the requirement to keep records under section 79 in respect of the
period to which the shortfall relates.
Note 2: The Superannuation Guarantee (Administration) Act
1992 continues to apply in relation to the determination of
superannuation guarantee shortfalls for years that ended before
1 July 2003, and matters relating to those shortfalls, as if the amendments
made by Part 1 of this Schedule had not been made.
194 Special rule for the first 2 quarters of the
2003-04 year—nominal interest component and administration component do
not apply if charge paid by 28 April 2004
(1) This item applies to an employer who, under the Superannuation
Guarantee (Administration) Act 1992 as amended by Part 1 of this
Schedule, has one or more individual superannuation guarantee shortfalls for the
quarter starting on 1 July 2003 or 1 October 2003.
(2) Subject to subitem (3), the employer’s nominal interest
component for the quarter and the employer’s administration component for
the quarter are not included in the employer’s superannuation guarantee
shortfall for the quarter.
(3) However, if the employer has not paid the superannuation guarantee
charge on the shortfall (determined taking account of the effect of
subitem (2)) in full by 28 April 2004, the employer’s nominal
interest component for the quarter, and the employer’s administration
component for the quarter, are taken to be, and always to have been,
included in the employer’s superannuation guarantee shortfall for the
quarter.
Note: This provision does not change the day by which the
superannuation guarantee charge is payable for those 2 quarters or the day on
which general interest charge will begin to run.
195 Special provisions relating to conversion
notices
(1) Subject to subitem (2), the amendments made by items 17 to
21 apply in relation to conversion notices given on or after 1 July
2003 under section 6B of the Superannuation Guarantee (Administration)
Act 1992.
(2) Despite the amendment made by item 20, a conversion notice given
on or after 1 July 2003 and before 15 August 2003 may be
expressed to take effect on a day that is not earlier than 1 July
2002.
(3) During the period starting on 1 July 1998 and ending on the
commencement of this item, section 6B of the Superannuation Guarantee
(Administration) Act 1992 is taken to have had effect as if the references
to the Commissioner of Insurance and Superannuation were instead references to
the Australian Prudential Regulation Authority.
Note: 1 July 1998 is the day on which the Insurance
and Superannuation Commissioner Act 1987 was repealed and the Australian
Prudential Regulation Authority Act 1998 commenced.
(4) If this item commences before 1 July 2003, then during the period
starting on the commencement of this item and ending on 1 July 2003,
section 6B of the Superannuation Guarantee (Administration) Act 1992
is taken to have effect as if the references to the Commissioner of
Insurance and Superannuation were instead references to the Commissioner of
Taxation.
196 Special provisions relating to benefit
certificates
(1) Subject to subitem (2), the amendment made by item 25
applies in relation to benefit certificates given on or after 1 July
2003 under section 10 of the Superannuation Guarantee (Administration)
Act 1992.
(2) Despite the amendment made by that item, a benefit certificate given on
or after 1 July 2003 and before 15 August 2003, or a later day allowed
by the Commissioner, may be expressed to have effect from a day that is not
earlier than 1 July 2002 and not later than the day on which the
certificate is issued.
197 Reporting of superannuation
contributions
The amendment made by item 116 applies in relation to
contributions made on or after 1 July 2003.
198 Default assessments
The amendment made by item 149 applies in relation to
assessments made on or after 1 July 2003 (irrespective of when the relevant
superannuation guarantee shortfall arose).
199 Shortfall components—payments direct
to superannuation accounts etc. and people over 65
The amendments made by items 162, 165 and 166 apply in relation
to payments (or other dealings) by the Commissioner of an amount of a shortfall
component made on or after 1 July 2003 (irrespective of when the relevant
superannuation guarantee shortfall arose).
200 Relief from annual national payroll
requirements for pre-1 July 2003 shortfalls if employer’s base year
is 1996-97 or later
If:
(a) an employer has a superannuation guarantee shortfall for a period that
ended before 1 July 2003; and
(b) the employer’s base year, within the meaning of the
Superannuation Guarantee (Administration) Act 1992 as it continues to
apply in relation to shortfalls for years that ended before 1 July 2003
(see item 193), is the year beginning on 1 July 1996 or a later
year;
the employer does not, from 1 July 2003, have to comply with the
requirements of paragraph 33(2)(f), subparagraph 59(2)(a)(i) and paragraph
79(2)(a) of that Act (as so continuing to apply) in relation to that shortfall
and that period.
Note: This provision relieves the employer from having to
comply with requirements related to the employer’s annual national
payroll. However, an employer whose base year is an earlier year must continue
to comply with those requirements in relation to shortfalls for pre-1 July
2003 periods.
201 Preservation of regulations made for the
purposes of subsection 65(1)
Regulations in force for the purposes of subsection 65(1) of the
Superannuation Guarantee (Administration) Act 1992 immediately before
1 July 2003 have effect on and after that day as if they were made for the
purposes of that subsection as amended by item 162 of this
Schedule.
202 Application of amendments made by
Part 2
(1) The amendment made by item 169 applies in relation to
determinations under section 52 of the Defence Act 1903 for periods
starting on or after 1 July 2003.
(2) The amendments made by items 170 to 186 apply in relation
to assessments under the Income Tax Assessment Act 1936 for the 2003-2004
year of income and later years of income.
(3) The amendment made by item 187 applies in relation to
determinations under subsection 110SC(2) of the Superannuation Act 1976
for contribution days that are on or after 1 July 2003.
(4) The amendment made by item 188 applies in relation to
top-up benefit under section 110SE of the Superannuation Act 1976
for periods commencing on or after 1 July 2003.
(5) Subject to subitem (6), the amendments made by items 189 to
192 apply in relation to surcharge imposed by the Superannuation
Contributions Tax Imposition Act 1997 and the Superannuation
Contributions Tax (Members of Constitutionally Protected Superannuation Funds)
Imposition Act 1997 for the 2003-2004 financial year and later financial
years.
(6) However, for the 2003-2004 year, the amount that is the previous charge
percentage (which is a number that relates to the 2002-2003 year) is to be
determined as if the amendments made by items 190 and 192 had not been
made.
Part 1—Amendments
related to reduction of the surcharge rate
Superannuation Contributions
Tax Imposition Act 1997
1 Before subsection 5(1)
Insert:
(1AA) In this section:
higher income amount means:
(a) for the 2001-2002 financial year—$103,507; and
(b) for each later financial year—that amount as indexed under
section 7.
lower income amount means:
(a) for the 2001-2002 financial year—$85,242; and
(b) for each later financial year—that amount as indexed under
section 7.
maximum surcharge percentage means:
(a) for the 2002-2003 financial year—13.5%; and
(b) for the 2003-2004 financial year—12%; and
(c) for each later financial year—10.5%.
2 Subsection 5(1)
Omit “$70,000 but is less than $85,000”, substitute “the
lower income amount but is less than the higher income amount”.
3 Subsection 5(1) (formula)
Repeal the formula, substitute:
where:
A is:
4 Subsection 5(2)
Omit “$85,000 or a higher amount”, substitute “equal to,
or greater than, the higher income amount”.
5 Subsection 5(2)
Omit “15%”, substitute “the maximum surcharge
percentage”.
6 Paragraphs 5(3)(c), (d) and
(f)
Omit “15%”, substitute “the maximum surcharge
percentage”.
7 Subsection 7(6)
Omit “1997-98”, substitute “2002-03”.
8 Subsection 7(7) (definition of indexing
financial year)
Omit “1997-98”, substitute “2002-03”.
Note: The heading to subsection 7(1) is altered by omitting
“1997-98” and substituting
“2002-03”.
Superannuation Contributions
Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act
1997
9 Before subsection 5(1)
Insert:
(1A) In this section:
higher income amount means:
(a) for the 2001-2002 financial year—$103,507; and
(b) for each later financial year—that amount as indexed under
section 7.
lower income amount means:
(a) for the 2001-2002 financial year—$85,242; and
(b) for each later financial year—that amount as indexed under
section 7.
maximum surcharge percentage means:
(a) for the 2002-2003 financial year—13.5%; and
(b) for the 2003-2004 financial year—12%; and
(c) for each later financial year—10.5%.
10 Subsection 5(1)
Omit “$70,000 but is less than $85,000”, substitute “the
lower income amount but is less than the higher income amount”.
11 Subsection 5(1)
(formula)
Repeal the formula, substitute:
where:
A is:
12 Subsection 5(3)
Omit “$85,000 or a higher amount”, substitute “equal to,
or greater than, the higher income amount”.
13 Subsection 5(3)
Omit “15%”, substitute “the maximum surcharge
percentage”.
14 Paragraphs 5(4)(c), (d) and
(f)
Omit “15%”, substitute “the maximum surcharge
percentage”.
15 Subsection 7(6)
Omit “1997-98”, substitute “2002-03”.
16 Subsection 7(7) (definition of indexing
financial year)
Omit “1997-98”, substitute “2002-03”.
Note: The heading to subsection 7(1) is altered by omitting
“1997-98” and substituting
“2002-03”.
Termination Payments Tax
Imposition Act 1997
17 Before subsection 5(1)
Insert:
(1AA) In this section:
higher income amount means:
(a) for the 2001-2002 financial year—$103,507; and
(b) for each later financial year—that amount as indexed under
section 6.
lower income amount means:
(a) for the 2001-2002 financial year—$85,242; and
(b) for each later financial year—that amount as indexed under
section 6.
maximum surcharge percentage means:
(a) for the 2002-2003 financial year—13.5%; and
(b) for the 2003-2004 financial year—12%; and
(c) for each later financial year—10.5%.
18 Subsection 5(1)
Omit “$70,000 but is less than $85,000”, substitute “the
lower income amount but is less than the higher income amount”.
19 Subsection 5(1)
(formula)
Repeal the formula, substitute:
where:
A is:
20 Subsection 5(2)
Omit “$85,000 or a higher amount”, substitute “equal to,
or greater than, the higher income amount”.
21 Subsection 5(2)
Omit “15%”, substitute “the maximum surcharge
percentage”.
22 Subsection 6(6)
Omit “1997-98”, substitute “2002-03”.
23 Subsection 6(7) (definition of indexing
financial year)
Omit “1997-98”, substitute “2002-03”.
Note: The heading to subsection 6(1) is altered by omitting
“1997-98” and substituting
“2002-03”.
Part 2—Amendments
related to reduction of the surcharge cap
Defence Force Retirement and
Death Benefits Act 1973
24 Subsection 6C(3)
Repeal the subsection, substitute:
(3) The amount determined by the Authority may not be more than the total
of the following amounts:
(a) 15% of the employer-financed component of any part of the benefits
payable to the member that accrued between 20 August 1996 and 1 July
2002;
(b) 13.5% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2002-2003 financial year;
(c) 12% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2003-2004 financial year;
(d) 10.5% of the employer-financed component of any part of the benefits
payable to the member that accrued after 30 June 2004.
Parliamentary Contributory
Superannuation Act 1948
25 Subsection 4E(3)
Repeal the subsection, substitute:
(3) The amount determined by the Trust may not be more than the total of
the following amounts:
(a) 15% of the employer-financed component of any part of the benefits
payable to the person that accrued between 20 August 1996 and 1 July
2002;
(b) 13.5% of the employer-financed component of any part of the benefits
payable to the person that accrued in the 2002-2003 financial year;
(c) 12% of the employer-financed component of any part of the benefits
payable to the person that accrued in the 2003-2004 financial year;
(d) 10.5% of the employer-financed component of any part of the benefits
payable to the person that accrued after 30 June 2004.
26 Subsection 80A(3)
Repeal the subsection, substitute:
(3) The amount determined by the Board may not be more than the total of
the following amounts:
(a) 15% of the employer-financed component of any part of the benefits
payable to the person that accrued between 20 August 1996 and 1 July
2002;
(b) 13.5% of the employer-financed component of any part of the benefits
payable to the person that accrued in the 2002-2003 financial year;
(c) 12% of the employer-financed component of any part of the benefits
payable to the person that accrued in the 2003-2004 financial year;
(d) 10.5% of the employer-financed component of any part of the benefits
payable to the person that accrued after 30 June 2004.
Superannuation Contributions
Tax (Application to the Commonwealth—Reduction of Benefits) Act
1997
27 Subsection 4(1)
Omit “not exceeding 15% of the employer-financed component of that
part of the benefits that accrued after 20 August 1996”, substitute
“subject to subsection (2A)”.
28 After subsection 4(2)
Insert:
(2A) The amount of the reduction under subsection (1) may not be more
than the total of the following amounts:
(a) 15% of the employer-financed component of any part of the benefits
payable to the member that accrued between 20 August 1996 and 1 July
2002;
(b) 13.5% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2002-2003 financial year;
(c) 12% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2003-2004 financial year;
(d) 10.5% of the employer-financed component of any part of the benefits
payable to the member that accrued after 30 June 2004.
Superannuation Contributions
Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and
Collection Act 1997
29 Paragraph 15(6)(b)
Repeal the paragraph, substitute:
(b) the total of the following amounts:
(i) 15% of the employer-financed component of any part of the benefits
payable to the member that accrued between 20 August 1996 and 1 July
2002;
(ii) 13.5% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2002-2003 financial year;
(iii) 12% of the employer-financed component of any part of the benefits
payable to the member that accrued in the 2003-2004 financial year;
(iv) 10.5% of the employer-financed component of any part of the benefits
payable to the member that accrued after 30 June 2004.
30 Paragraph 15(6AA)(d)
Repeal the paragraph, substitute:
(d) the total of the following amounts:
(i) 15% of the employer-financed component of any part of the benefits
that would have been payable to the member but for the payment split and that
accrued between 20 August 1996 and 1 July 2002;
(ii) 13.5% of the employer-financed component of any part of the benefits
that would have been payable to the member but for the payment split and that
accrued in the 2002-2003 financial year;
(iii) 12% of the employer-financed component of any part of the benefits
that would have been payable to the member but for the payment split and that
accrued in the 2003-2004 financial year;
(iv) 10.5% of the employer-financed component of any part of the benefits
that would have been payable to the member but for the payment split and that
accrued after 30 June 2004.
31 Paragraph 15(6A)(b)
Repeal the paragraph, substitute:
(b) the total of the following amounts:
(i) 15% of the employer-financed component of any part of the value of the
age retirement benefits of the member when the fund ceased to be a
constitutionally protected superannuation fund that accrued between
20 August 1996 and 1 July 2002;
(ii) 13.5% of the employer-financed component of any part of the value of
the age retirement benefits of the member when the fund ceased to be a
constitutionally protected superannuation fund that accrued in the 2002-2003
financial year;
(iii) 12% of the employer-financed component of any part of the value of
the age retirement benefits of the member when the fund ceased to be a
constitutionally protected superannuation fund that accrued in the 2003-2004
financial year;
(iv) 10.5% of the employer-financed component of any part of the value of
the age retirement benefits of the member when the fund ceased to be a
constitutionally protected superannuation fund that accrued after 30 June
2004.
32 Application of amendments made by
Part 1
The amendments made by Part 1 apply in relation to liability to
surcharge in respect of the 2002-2003 financial year and later financial
years.
Note: The Acts amended by Part 1 continue to apply in
relation to liability to surcharge in respect of financial years that ended
before 1 July 2002 as if the amendments made by Part 1 had not been
made.
33 Application of items 24 to
29
The amendments made by items 24 to 29 apply in relation to benefits
that become payable on or after 1 July 2002.
Note: The Acts amended by items 24 to 29 continue to
apply in relation to benefits that become payable before 1 July 2002 as if
the amendments made by those items had not been made.
34 Application of
item 30
The amendment made by item 30 applies in relation to benefits that
become payable on or after the commencement of that item.
Note: The Act amended by item 30 continues to apply in
relation to benefits that become payable before that item commences as if the
amendment made by that item had not been made.
35 Application of
item 31
The amendment made by item 31 applies in relation to superannuation
funds that cease to be constitutionally protected superannuation funds on or
after 1 July 2002.
Note: The Act amended by item 31 continues to apply in
relation to superannuation funds that cease to be constitutionally protected
superannuation funds before 1 July 2002 as if the amendment made by
item 31 had not been made.
Income Tax Assessment Act
1936
1 At the end of subsection
82AAC(1)
Add:
Note 3: However, a deduction might be denied or reduced by
section 26-80 of the Income Tax Assessment Act 1997 if the
contribution is made more than 28 days after the month in which the eligible
employee turns 70.
2 At the end of subsection
82AAT(1)
Add:
Note: However, a deduction is denied by section 26-80
of the Income Tax Assessment Act 1997 if the contribution is made more
than 28 days after the month in which the person turns 70.
Income Tax Assessment Act
1997
3 At the end of Division 26 of
Part 2-5
Add:
(1) You cannot deduct under this Act an amount you pay as a contribution
to a *complying superannuation fund or
*RSA except as provided by this
section.
Contributions in respect of those who are less than 70 years
old
(2) You can deduct an amount under section 82AAC of the Income Tax
Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within
the meaning of section 82AAA of that Act) on or before the day that is 28
days after the end of the month in which the employee turns 70 years
old.
(3) You can deduct an amount under section 82AAT of the Income Tax
Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution on or before the day that is 28 days after
the end of the month in which you turn 70 years old.
Contributions in respect of those who are 70 years or more
(4) You can deduct an amount under section 82AAC of the Income Tax
Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within
the meaning of section 82AAA of that Act) after the day referred to in
paragraph (2)(b); and
(c) you are required to pay the contribution by an industrial award or
determination that is in force under an
*Australian law.
However, you can only deduct the amount of the contribution that is
actually required by the industrial award or determination.
Note: An industrial agreement, such as an Australian
Workplace Agreement or a Certified Agreement, is not an award or
determination.
(5) You can deduct an amount under section 82AAC of the Income Tax
Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within
the meaning of section 82AAA of that Act) after the day referred to in
paragraph (2)(b); and
(c) the contribution reduces your charge percentage in respect of the
employee under section 22 or 23 of the Superannuation Guarantee
(Administration) Act 1992.
(6) If both subsections (4) and (5) potentially apply in respect of
the deduction, you can choose which of those subsections actually
applies.
4 Application of amendments made by
Part 1
The amendments made by Part 1 apply in relation to assessments for the
2002-2003 year of income and later years of income.
Income Tax Assessment Act
1936
1 At the end of subparagraph
274(1)(a)(i)
Add:
or (D) if that other person is less than 18 years old—contributions
made to a complying superannuation fund for the benefit of that other person
that are not contributions made by or on behalf of an employer of that other
person;
2 Subparagraph
274(1)(ba)(i)
Repeal the subparagraph, substitute:
(i) contributions made for the purpose of making provision for
superannuation benefits for another person, other than:
(A) eligible spouse contributions within the meaning of section 159T;
and
(B) if that other person is less than 18 years old—contributions
made for the benefit of that other person that are not contributions made by or
on behalf of an employer of that other person; and
3 Application of amendments
The amendments made by items 1 and 2 apply in relation to assessments
for the 2002-2003 year of income and later years of income.
Income Tax Assessment Act
1936
1 Subparagraphs 82AAT(2)(a)(i) and
(ii)
Omit “$3,000”, substitute “$5,000”.
2 Application of amendment
The amendment made by item 1 applies in relation to assessments for
the 2002-2003 year of income and later years of income.
1 After subsection 109(1B)
Insert:
(1C) The reference in paragraph (1)(e) to amounts due to or in
respect of any employee of the bankrupt also includes a reference to amounts due
as superannuation guarantee charge (within the meaning of the Superannuation
Guarantee (Administration) Act 1992), or general interest charge in respect
of non-payment of the superannuation guarantee charge.
2 Application of amendment made by
item 1
The amendment made by item 1 applies to bankruptcies for which the
date of the bankruptcy is after the commencement of that item.
Family Law Legislation
Amendment (Superannuation) (Consequential Provisions) Act
2001
3 Item 34 of
Schedule 1
Omit “(6A)(d)”, substitute “(6AA)(d)”.
4 Item 36 of
Schedule 1
Omit “(6A)”, substitute “(6AA)”.
5 Item 37 of Schedule 1
(subsection (6A))
Renumber as subsection (6AA).
6 Item 38 of
Schedule 1
Omit “or (6A)”, substitute “, (6AA)”.
7 Item 39 of
Schedule 1
Omit “(6A)”, substitute “(6AA)”.
Superannuation Contributions
Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and
Collection Act 1997
8 Subsection 15(7)
Before “, the Commissioner”, insert “or
(6A)”.
Superannuation Guarantee
(Administration) Act 1992
9 At the end of
section 52
Add:
Note: The priority of superannuation guarantee charge in a
bankruptcy is dealt with in section 109 of the Bankruptcy Act
1966.
Taxation Administration Act
1953
10 Subsection 16-170(3) in
Schedule 1
After “16-165”, insert “, 16-166”.
11 Application of amendment made by
item 10
The amendment made by item 10 applies in relation to payments made on
or after the commencement of that item.
12 Subsection 16-175(1) in
Schedule 1
After “16-165”, insert “, 16-166”.
13 Subsection 16-175(1) in Schedule 1
(before the note)
Insert:
Penalty: 20 penalty units.
14 Application of amendments made by
items 12 and 13
The amendments made by items 12 and 13 apply in relation to payments
made on or after the commencement of those items.