Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT (SUPERANNUATION CONTRIBUTIONS TAX) ACT 1997 NO. 187, 1997 - SCHEDULE 4--Amendment

1 Subsection 2A(2)

Insert:

Scheme means the scheme constituted by section 4 for the provision of retirement and other benefits to and in respect of the Governor-General.

2 Subsection 2A(2)

Insert:

surcharge debt account , in relation to a person who has held office as Governor-General, means the surcharge debt account that was kept for the person (while he or she held that office) under section 16 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

3 Subsection 2A(2)

Insert:

surcharge deduction amount , in relation to a person:

(a) who has held office as Governor-General; and

(b) to or in respect of whom an allowance is payable under this Act;

4 Subsection 4(2)

Omit "(3)", substitute "(3A)".

5 Subsection 4(3)

Repeal the subsection, substitute:

(3) The rate of the allowance payable at any time ( relevant time ) to a person who has held office as Governor-General is:

(a) if paragraph (b) does not apply--a rate equal to 60% of the rate of the salary payable to the Chief Justice of Australia at the relevant time; or

(b) if the person's surcharge debt account was in debit when the allowance became payable to the person--a rate equal to the prescribed percentage of the rate at which allowance would be payable at the relevant time to the person under paragraph (a) if this paragraph did not apply to him or her.

Note: For prescribed percentage see subsection (3B).

(a) in the case of a spouse of a person who died while holding office as Governor-General--a rate equal to five-eighths of the rate that would be applicable at the relevant time to the person under subsection (3) if he or she had not died but had ceased to hold that office; or

(b) in the case of a spouse of a person who died after ceasing to hold office as Governor-General--a rate equal to five-eighths of the rate that would be applicable at the relevant time to the person under subsection (3) if he or she had not died.

prescribed percentage , in relation to a person who has held office as Governor-General, means the percentage worked out using the formula:

where:

basic rate means the rate at which allowance would be payable to the person if the person's surcharge debt account was not in debit when an allowance under this section became payable to him or her.

surcharge adjustment means the amount obtained by dividing the person's surcharge deduction amount by the conversion factor applicable to the person under the determination referred to in subsection (3C).

(3C) The person who (because of section 5A) is the trustee of the Scheme for the purposes of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 must, in accordance with advice received from the Australian Government Actuary, determine in writing the conversion factor that, having regard to:

(a) the age of a person who has held office as Governor-General on the day on which an allowance becomes payable to the person; and

(b) other relevant factors (if any);

(3D) A determination under subsection (3C) must be published in the Gazette .

6 Paragraph 4A(3)(b)

Omit all the words from and including "exceed", substitute:

exceed:

(i) if the deceased person died while holding office as Governor-General--100% of the rate of allowance that would have been applicable to the deceased person under subsection 4(3) if he or she had not died but had ceased to hold that office; or

(ii) if the deceased person died after ceasing to hold office as Governor-General--100% of the rate of allowance that would have been applicable to the deceased person under subsection 4(3) if he or she had not died; and

Omit "paragraph 4(3)(b)", substitute "subsection 4(3A)".

8 After section 5

Insert:

5A Trustee of Scheme for the purposes of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 (1) For the purposes of the definition of trustee in section 43 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 :

(a) the Secretary to the Department; or

(b) if the Secretary to the Department has declared in writing an officer of the Department to be the designated officer for the purposes of this section--that officer;

Note: The definitions of public sector superannuation scheme , superannuation fund and trustee in section 43 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 are relevant to this section.