Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (CSS) (LIABILITY TO TAXATION) REGULATIONS 2000 2000 NO. 154

EXPLANATORY STATEMENT

STATUTORY RULES 2000 No. 154

Issued by the Authority of the Minister for Finance and Administration

Superannuation Act 1976

Superannuation (CSS) (Liability to Taxation) Regulations 2000

Subsection 168(1) of the Superannuation Act 1976 (the 1976 Act) provides that the Governor-General may make Regulations for the purposes of the Act.

Paragraph 168(13)(a) of the 1976 Act requires the CSS Board to consent to the making of the Regulations where the Regulations do not meet the exemptions specified in paragraph 168(13)(b) of the 1976 Act.

The 1976 Act makes provision for, and in relation to, the Commonwealth Superannuation Scheme (CSS) which is an occupational superannuation scheme for Commonwealth employees and for certain other persons. The CSS Fund includes contributions by or on behalf of CSS members as well as interest earnings on those contributions. Under the 1976 Act, the CSS Board is responsible for the management and investment of the Fund, and the administration of the CSS.

Subsection 42(5A) of the 1976 Act provides that except where specified, the CSS Board and Fund are not subject to taxation laws. Exceptions specified are the Superannuation Contributions Tax (Assessment and Collection) Act 1997, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997 and any law specified in regulations made under subsection 42(5B) of the 1976 Act.

The purpose of these Regulations is to ensure that the CSS Board and Fund are subject to the Goods and Services Tax (GST) laws. The Office of the Australian Government Solicitor considers that the following GST laws should be specified in the Regulations to put the application of the GST to the CSS Board and Fund beyond doubt:

* A New Tax System (Goods and Services Tax) Act 1999;

* A New Tax System (Goods and Services Tax Transition) Act 1999;

* A New Tax System (Goods and Services Toy) Regulations 1999; and

* Part VI of the Taxation Administration Act 1953.

The Regulations are consistent with the Government's intention that the GST laws apply to all Commonwealth entities, superannuation funds and trustee boards.

The-CSS Board has consented to these Regulations.

Details of the amendments are explained in the Attachment.

The Regulations commence on 1 July 2000.

ATTACHMENT

SUPERANNUATION (CSS) (LIABILITY TO TAXATION)

REGULATIONS 2000

Regulation 1

Regulation 1 provides that the Regulations are called the Superannuation (CSS) (Liability to Taxation) Regulations 2000.

Regulation 2

Regulation 2 provides that the Regulations commence on 1 July 2000.

Regulation 3

Regulation 3 defines the 'Act' to mean the Superannuation Act 197,6.

Regulation 4

Regulation 4 uses the regulation making power under subsection 42(5B) of the Act to

ensure that subsection 42(5A) of the Act does not exempt the CSS Board and Fund

from the GST laws specified in Schedule 1.

Schedule 1

Schedule 1 specifies the GST laws which apply to the CSS Board and Fund to be:

* A New Tax System (Goods and Services Tax) Act 1999

* A New Tax System (Goods and Services Tax Transition) Act 1999

* A New Tax System (Goods and Services Tax) Regulations 1999

* Part VI of the Taxation Administration Act 1953.


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