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Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

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2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

 

 

( 1 )     Clause  2 , page 3 (at the end of the table), add:

7.  Schedule 5

At the same time as Schedule 1 to the Superannuation Guarantee (Administration) Amendment Act 2011 commences.

However, if Schedule 1 to the Superannuation Guarantee (Administration) Amendment Act 2011 does not commence, the provision(s) do not commence at all.

 

[employer superannuation contributions]

( 2 )     Page 20 (after line 6) , at the end of the Bill, add:

Schedule 5 Deduction of employer contributions to superannuation funds

   

Income Tax Assessment Act 1997

1  Subsection 290-80(1)

Omit “, either”.

2  At the end of subsection 290-80(1)

Add:

               ; or (c)  the contribution must reduce your charge percentage under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 in respect of the employee.

3  After subsection 290-80(2)

Insert:

          (2A)  If only paragraph (1)(c) applies, you can deduct only the amount of the contribution that reduces your charge percentage under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 in respect of the employee.

          (2B)  If both paragraphs (1)(b) and (c) apply and paragraph (1)(a) does not apply, you can deduct only the greater of the following amounts (or only one of them if they are equal):

                     (a)  the amount of the contribution that is required by the industrial award, determination or notional agreement preserving State awards;

                     (b)  the amount of the contribution that reduces your charge percentage under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 in respect of the employee.

Note:          If paragraph (1)(a) applies, you can deduct the whole of the contribution (whether or not paragraph (1)(b) or (1)(c) also applies).

4  Application

The amendments made by this Schedule apply to contributions made on or after the commencement of this Schedule.

[employer superannuation contributions]