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This is a Bill, not an Act. For current law, see the Acts databases.

SUPERANNUATION LAWS AMENDMENT (ABOLITION OF SURCHARGE) BILL 2005

2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation Laws Amendment
(Abolition of Surcharge) Bill 2005
No. , 2005
(Treasury)
A Bill for an Act to abolish superannuation
contributions surcharge and termination payments
surcharge, and for related purposes
i Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005
Contents
1
Short title.......................................................................................1
2
Commencement .............................................................................1
3
Schedule(s)....................................................................................2
Schedule 1--Amendments
3
Part 1--Abolition of surcharge
3
Superannuation Contributions Tax (Assessment and Collection) Act
1997
3
Superannuation Contributions Tax (Members of Constitutionally
Protected Superannuation Funds) Assessment and Collection Act
1997
3
Termination Payments Tax (Assessment and Collection) Act 1997
3
Part 2--Consequential amendments
4
Defence Force Retirement and Death Benefits Act 1973
4
Parliamentary Contributory Superannuation Act 1948
4
Superannuation Act 1976
4
Superannuation Contributions Tax (Application to the
Commonwealth--Reduction of Benefits) Act 1997
4
Superannuation Contributions Tax (Assessment and Collection) Act
1997
4
Superannuation Contributions Tax Imposition Act 1997
5
Superannuation Contributions Tax (Members of Constitutionally
Protected Superannuation Funds) Assessment and Collection Act
1997
6
Superannuation Contributions Tax (Members of Constitutionally
Protected Superannuation Funds) Imposition Act 1997
7
Termination Payments Tax (Assessment and Collection) Act 1997
8
Termination Payments Tax Imposition Act 1997
8
Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005 1
A Bill for an Act to abolish superannuation
1
contributions surcharge and termination payments
2
surcharge, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Superannuation Laws Amendment
6
(Abolition of Surcharge) Act 2005.
7
2 Commencement
8
This Act commences on the day on which it receives the Royal
9
Assent.
10
2 Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
Amendments Schedule 1
Abolition of surcharge Part 1
Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005 3
1
Schedule 1--Amendments
2
Part 1--Abolition of surcharge
3
Superannuation Contributions Tax (Assessment and
4
Collection) Act 1997
5
1 At the end of subsection 7(1)
6
Add "that ends before 1 July 2005".
7
Superannuation Contributions Tax (Members of
8
Constitutionally Protected Superannuation Funds)
9
Assessment and Collection Act 1997
10
2 At the end of subsection 8(1)
11
Add "that ends before 1 July 2005".
12
Termination Payments Tax (Assessment and Collection) Act
13
1997
14
3 Paragraph 7(2)(a)
15
After "20 August 1996", insert "and before 1 July 2005".
16
Schedule 1 Amendments
Part 2 Consequential amendments
4 Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005
1
Part 2--Consequential amendments
2
Defence Force Retirement and Death Benefits Act 1973
3
4 Paragraph 6C(3)(d)
4
Repeal the paragraph.
5
Parliamentary Contributory Superannuation Act 1948
6
5 Paragraph 4E(3)(d)
7
Repeal the paragraph.
8
Superannuation Act 1976
9
6 Paragraph 80A(3)(d)
10
Repeal the paragraph.
11
Superannuation Contributions Tax (Application to the
12
Commonwealth--Reduction of Benefits) Act 1997
13
7 Paragraph 4(2A)(d)
14
Repeal the paragraph.
15
Superannuation Contributions Tax (Assessment and
16
Collection) Act 1997
17
8 Paragraph 6(a)
18
After "later financial year", insert "(being a financial year that ends
19
before 1 July 2005)".
20
9 Subsection 9(7)
21
After "each later financial year", insert "(being a financial year that
22
ends before 1 July 2005)".
23
10 Subsection 13(2)
24
Amendments Schedule 1
Consequential amendments Part 2
Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005 5
After "the end of each financial year", insert "(being a financial year
1
that ends before 1 July 2005)".
2
11 Subsections 13(3), (4) and (4A)
3
After "20 August 1996", insert "and before 1 July 2005".
4
12 Paragraph 14A(1)(a)
5
After "member", insert "for a financial year that ends before 1 July
6
2005".
7
13 Subsection 15(1)
8
After "each financial year", insert "(being a financial year that ends
9
before 1 July 2005)".
10
14 Subsection 15A(2) (at the end of the definition of financial
11
year)
12
Add "that ends before 1 July 2005".
13
15 Subsection 15B(1)
14
After "for a financial year", insert "that ends before 1 July 2005".
15
Superannuation Contributions Tax Imposition Act 1997
16
16 At the end of section 4
17
Add:
18
Note:
Surcharge is not payable for the financial year that began on 1 July
19
2005 or a later financial year--see subsection 7(1) of the
20
Superannuation Contributions Tax (Assessment and Collection) Act
21
1997.
22
17 Subsection 5(1AA) (paragraph (b) of the definition of
23
higher income amount)
24
Omit "for each later financial year", substitute "for the 2004-2005
25
financial year".
26
18 Subsection 5(1AA) (paragraph (b) of the definition of lower
27
income amount)
28
Omit "for each later financial year", substitute "for the 2004-2005
29
financial year".
30
Schedule 1 Amendments
Part 2 Consequential amendments
6 Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005
19 Subsection 5(1AA) (paragraph (b) of the definition of
1
maximum surcharge percentage)
2
Omit "12.5%; and", substitute "12.5%.".
3
20 Subsection 5(1AA) (paragraph (c) of the definition of
4
maximum surcharge percentage)
5
Repeal the paragraph.
6
21 Subsection 7(6)
7
Omit ", and before the start of each later financial year,".
8
Note:
The heading to subsection 7(1) is altered by omitting "and later financial years".
9
22 Subsection 7(7) (definition of indexing financial year)
10
Omit "or a later financial year".
11
Superannuation Contributions Tax (Members of
12
Constitutionally Protected Superannuation Funds)
13
Assessment and Collection Act 1997
14
23 Paragraph 6(a)
15
After "later financial year", insert "(being a financial year that ends
16
before 1 July 2005)".
17
24 Subsection 10(7)
18
After "each later financial year", insert "(being a financial year that
19
ends before 1 July 2005)".
20
25 Subsection 12(2)
21
After "the end of each financial year", insert "(being a financial year
22
that ends before 1 July 2005)".
23
26 Subsection 12(3)
24
After "20 August 1996", insert "and before 1 July 2005".
25
27 Subsection 12(6)
26
Before "then the provider", insert "(being a member who was a member
27
at any time after 7.30 pm by legal time in the Australian Capital
28
Territory on 20 August 1996 and before 1 July 2005),".
29
Amendments Schedule 1
Consequential amendments Part 2
Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005 7
28 Subsection 14(1)
1
After "each financial year", insert "(being a financial year that ends
2
before 1 July 2005)".
3
29 Subparagraph 15(6)(b)(iv)
4
Repeal the subparagraph.
5
30 Subparagraph 15(6AA)(d)(iv)
6
Repeal the subparagraph.
7
31 Subparagraph 15(6A)(b)(iv)
8
Repeal the subparagraph.
9
Superannuation Contributions Tax (Members of
10
Constitutionally Protected Superannuation Funds)
11
Imposition Act 1997
12
32 At the end of section 4
13
Add:
14
Note:
Surcharge is not payable for the financial year that began on 1 July
15
2005 or a later financial year--see subsection 8(1) of the
16
Superannuation Contributions Tax (Members of Constitutionally
17
Protected Superannuation Funds) Assessment and Collection Act
18
1997.
19
33 Subsection 5(1A) (paragraph (b) of the definition of higher
20
income amount)
21
Omit "for each later financial year", substitute "for the 2004-2005
22
financial year".
23
34 Subsection 5(1A) (paragraph (b) of the definition of lower
24
income amount)
25
Omit "for each later financial year", substitute "for the 2004-2005
26
financial year".
27
35 Subsection 5(1A) (paragraph (b) of the definition of
28
maximum surcharge percentage)
29
Omit "12.5%; and", substitute "12.5%.".
30
Schedule 1 Amendments
Part 2 Consequential amendments
8 Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005
36 Subsection 5(1A) (paragraph (c) of the definition of
1
maximum surcharge percentage)
2
Repeal the paragraph.
3
37 Subsection 7(6)
4
Omit ", and before the start of each later financial year,".
5
Note:
The heading to subsection 7(1) is altered by omitting "and later financial years".
6
38 Subsection 7(7) (definition of indexing financial year)
7
Omit "or a later financial year".
8
Termination Payments Tax (Assessment and Collection) Act
9
1997
10
39 Section 6
11
After "20 August 1996", insert "and before 1 July 2005".
12
40 Subsection 10(7)
13
After "each later financial year", insert "(being a financial year that
14
ends before 1 July 2005)".
15
41 Subsection 11(1)
16
After "each financial year", insert "(being a financial year that ends
17
before 1 July 2005)".
18
Termination Payments Tax Imposition Act 1997
19
42 At the end of section 4
20
Add:
21
Note:
Surcharge is not payable on a termination payment made on or after
22
1 July 2005--see subsection 7(2) of the Termination Payments Tax
23
(Assessment and Collection) Act 1997.
24
43 Subsection 5(1AA) (paragraph (b) of the definition of
25
higher income amount)
26
Omit "for each later financial year", substitute "for the 2004-2005
27
financial year".
28
Amendments Schedule 1
Consequential amendments Part 2
Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 No. , 2005 9
44 Subsection 5(1AA) (paragraph (b) of the definition of lower
1
income amount)
2
Omit "for each later financial year", substitute "for the 2004-2005
3
financial year".
4
45 Subsection 5(1AA) (paragraph (b) of the definition of
5
maximum surcharge percentage)
6
Omit "12.5%; and", substitute "12.5%.".
7
46 Subsection 5(1AA) (paragraph (c) of the definition of
8
maximum surcharge percentage)
9
Repeal the paragraph.
10
47 Subsection 6(6)
11
Omit ", and before the start of each later financial year,".
12
Note:
The heading to subsection 6(1) is altered by omitting "and later financial years".
13
48 Subsection 6(7) (definition of indexing financial year)
14
Omit "or a later financial year".
15

 

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