Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT (SUPERANNUATION CONTRIBUTIONS TAX) ACT 1997 NO. 187, 1997 - SCHEDULE 9--Amendment

1 Subsection 4(1)

Omit all the words after "benefits" (last occurring), substitute "that become payable for the benefit of the member by such amount, not exceeding 15% of the employer-financed component of that part of the benefits that accrued after 20 August 1996, as the trustee considers to be fair and reasonable having regard to the matters specified in subsection (3)".

2 At the end of section 4

Add:

(3) In determining, for the purposes of subsection (1), the amount by which benefits that become payable for the benefit of a member are to be reduced, the trustee is to have regard to the following:

(a) the amount by which the surcharge debt account kept by the trustee for the member is in debit when those benefits become payable;

(b) the value of the employer-financed component of those benefits;

(c) the value of the benefits that, for the purpose of working out (under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ) the notional surchargeable contributions factors applicable to the member, were assumed to be likely to be payable to the member on his or her becoming entitled to them;

(d) whether the member has or had qualified for his or her maximum benefit entitlement under the scheme;

(e) any other matter that the trustee considers relevant.

[ Minister's second reading speech made in

House of Representatives on 2 October 1997

Senate on 22 October 1997]

(185/97)