Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 At the end of section 159SM
Add:
(3) The taxpayer is not entitled to a rebate for a rebatable 27H amount included in the taxpayer's assessable income of a year of income in respect of a rebatable superannuation pension if the applicable fund in relation to the superannuation pension was a constitutionally protected fund on the first day of the period to which the pension relates.
2 After section 281
Insert:
281A Liability to taxation where fund was previously a constitutionally protected fund
The assessable income of a complying superannuation fund of a year of income that ceased to be a constitutionally protected fund at a time during the year of income or at the end of the previous year of income includes the sum of the specified roll - over amounts that would be included in that assessable income if all accumulated member benefits:
(a) were paid out of the fund immediately before it ceased to be a constitutionally protected fund; and
(b) were rolled - over back to the fund (within the meaning of Subdivision AA of Division 2 of Part III) immediately after it ceased to be a constitutionally protected fund.
3 Exclusion of subsection 48(2) of Acts Interpretation Act
Subsection 12(2) of the Legislative Instruments Act 2003 does not apply, and is taken never to have applied, to a regulation, or a provision of regulations, amending Schedule 14 to the Income Tax Regulations, so as to omit items 501, 502 and 509 of that Schedule, with effect on and from 1 July 2000.
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997
4 Paragraph 9(2)(b)
Omit "and".
5 Subsection 14(3)
Repeal the subsection, substitute:
Notice of assessment
(3) When an assessment (including an amended assessment) is made, the Commissioner must, subject to subsection ( 4), give notice of the assessment:
(a) if paragraph ( b) does not apply--to the member; or
(b) if the assessment:
(i) relates to the period when the relevant superannuation fund was a constitutionally protected superannuation fund; and
(ii) is made after that superannuation fund ceases to be a constitutionally protected superannuation fund;
to the superannuation provider.
6 After subsection 15(6)
Insert:
Payment to be made if fund ceases to be a constitutionally protected superannuation fund
(6A) If a superannuation fund ceases to be a constitutionally protected superannuation fund at a time when a member's surcharge debt account is in debit, the member is liable to pay to the Commissioner the lesser of:
(a) the amount by which the account is in debit; or
(b) 15% of the employer - financed component of that part of the value of the age retirement benefits of the member at the time when the fund ceased to be a constitutionally protected superannuation fund that accrued after 20 August 1996.
7 After subsection 15(8A)
Insert:
Member of former constitutionally protected superannuation fund may direct superannuation provider to pay amount to Commissioner
(8AA) If a person is liable to pay an amount to the Commissioner under subsection ( 6A), the person may direct the superannuation provider to pay to the Commissioner the whole or a part of that amount and to make any necessary reductions in the benefits to which the person would otherwise be entitled.
8 Subsection 15(8B)
After "(8A)", insert "or (8AA)".