Commonwealth Numbered Acts

PAID PARENTAL LEAVE AMENDMENT (ADDING SUPERANNUATION FOR A MORE SECURE RETIREMENT) ACT 2024 (NO. 90, 2024) - SCHEDULE 2

Fair Work Act 2009

1   Subsection   79A(5)

Repeal the subsection, substitute:

  (5)   Subsection   (1) does not apply in relation to flexible unpaid parental leave.

Income Tax Assessment Act 1997

2   Subsection   307 - 5(1)

After "in the table", insert "or in subsection   (1A)".

3   After subsection   307 - 5(1)

Insert:

  (1A)   A payment (a PPL superannuation contribution payment ) to you under paragraph 115F(1)(c) or paragraph 115K(4)(c) of the Paid Parental Leave Act 2010 .

  (1B)   For the purposes of subsection   (1A), disregard any amount recovered in relation to the payment under item   3 of the table in subsection 115P(3) of the Paid Parental Leave Act 2010 .

4   Subsection   307 - 5(4)

After "of the table", insert "or in subsection   (1A)".

5   After section   307 - 130

Insert:

307 - 133   PPL superannuation contribution payment

    The components of a * superannuation benefit that is a * PPL superannuation contribution payment are as follows:

  (a)   the * tax free component is nil;

  (b)   the * taxable component is the amount of the benefit.

6   Subsection   995 - 1(1)

Insert:

"PPL superannuation contribution payment" has the meaning given by section   307 - 5.

Taxation Administration Act 1953

7   Subsection   8AAB(4) (after table item   27)

Insert:

8   Subsection   250 - 10(2) in Schedule   1 (after table item   39B)

Insert:

[ Minister's second reading speech made in--

House of Representatives on 22 August 2024

Senate on 16 September 2024 ]