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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Taxation Laws
Amendment (Superannuation Contributions) Bill
2000
No. ,
2000
(Treasury)
A Bill for an
Act to amend the law relating to taxation, and for related
purposes
ISBN: 0642 450897
Contents
Part 1—Income Tax Assessment Act
1936 3
Part 2—Income Tax Assessment Act
1997 4
Part 3—Fringe Benefits Tax Assessment Act
1986 5
Part 4—Application and transitional
provisions 6
A Bill for an Act to amend the law relating to taxation,
and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Taxation Laws Amendment (Superannuation
Contributions) Act 2000.
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repealed as set out in the applicable items in the Schedule concerned, and any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.
Part 1—Income
Tax Assessment Act 1936
1 Paragraph 67AAA(1)(b)
Omit “or 82AAE”.
2 Subsection 73B(1) (definition of
contributions to superannuation funds)
Omit “or 82AAE”.
3 Subsection 82AAA(1) (definition of eligible
employee)
After “means”, insert “a person other than the taxpayer
who is”.
4 Section 82AAE
Repeal the section.
Part 2—Income
Tax Assessment Act 1997
5 Section 12-5 (table item headed
“contributions to non-complying funds” under
“superannuation—employer contributions”)
Omit “, 82AAE”, substitute “,
26-75”.
6 At the end of
Division 26
Add:
You cannot deduct under this Act an amount you pay as a contribution to a
*non-complying superannuation fund.
Note: Certain contributions to a non-complying
superannuation fund are taken to be contributions to a complying superannuation
fund. See section 82AAD of the Income Tax Assessment Act
1936.
7 Section 995-1
Insert:
non-complying superannuation fund has the same meaning as in
Part IX of the Income Tax Assessment Act 1936.
Part 3—Fringe
Benefits Tax Assessment Act 1986
8 Subsection 136(1) (subparagraph (j)(i) of
the definition of fringe benefit)
After “267(1) of the Income Tax Assessment Act 1936)”,
insert “for the purpose of making provision for superannuation benefits
for the employee (whether or not the benefits are payable to a dependant of the
employee if the employee dies before or after becoming entitled to receive the
benefits)”.
9 Subsection 136(1) (subparagraph (j)(ii)
of the definition of fringe benefit)
Repeal the subparagraph, substitute:
(ii) the making of a payment of money to a non-resident superannuation
fund (within the meaning of section 6E of the Income Tax Assessment Act
1936) where:
(A) the payment is for the purpose of making provision for superannuation
benefits for the employee (whether or not the benefits are payable to a
dependant of the employee if the employee dies before or after becoming entitled
to receive the benefits); and
(B) the employee is an exempt visitor to Australia for the purposes of
section 517 of that Act in relation to the year of income in which the
payment is made; or
10 Subsection 136(1) (subparagraph (j)(iii)
of the definition of fringe benefit)
After “1997)”, insert “that is held by the
employee”.
Part 4—Application
and transitional provisions
11 Application of
amendments
(1) The amendments made by Parts 1 and 2 of this Schedule apply to
contributions made after 4 pm (by legal time in the Australian Capital
Territory) on 30 June 2000.
(2) The amendments made by Part 3 of this Schedule apply to
contributions made after 7 September 2000.
12 Transitional—interpretation of
section 82AAA
The amendment of section 82AAA of the Income Tax Assessment Act
1936 made by item 3:
(a) is for the avoidance of doubt; and
(b) is not to be taken to affect by implication the interpretation of that
section as in force at any time before the commencement of that item.