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Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012

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2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012

 

 

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

4.  Schedule 4

The day this Act receives the Royal Assent.

 

[excess contributions tax]

(2)     Schedule 1, page 16 (after line 15), at the end of the Bill, add:

Schedule 4 Excess contributions tax

 

Income Tax Assessment Act 1997

1  Subsection 292-465(3)

Repeal the subsection, substitute:

             (3)  The Commissioner may make the determination only if he or she considers that:

                     (a)  both of the following apply:

                              (i)  there are special circumstances;

                             (ii)  making the determination is consistent with the object of this Division; or

                     (b)  the taxpayer has made an inadvertent error that caused them to have * excess concessional contributions or * excess non-concessional contributions for the relevant * financial year.

2  Subsection 292-465(4)

Omit “In making the determination”, substitute “In making a determination for the purpose of paragraph 292-465(3)(a)”.

3  After subsection 292-465(6)

Insert:

          (6A)  In making a determination for the purpose of paragraph 292-465(3)(b), the Commissioner may consider the following circumstances when considering whether the taxpayer made an inadvertent error:

                     (a)  whether the taxpayer has more than one employer;

                     (b)  whether contributions were made by the taxpayer’s employer, at a time that was earlier than the time that the taxpayer expected;

                     (c)  whether contributions were made by the taxpayer’s employer, at a time that was later than the time that the taxpayer expected;

                     (d)  whether the taxpayer received an unexpected bonus payment that had an impact upon the amount of his or her contributions;

                     (e)  whether the taxpayer received a redundancy payment that had an impact upon the amount of his or her contributions;

                      (f)  whether the amount of the * concessional contributions caps changed at a time after the taxpayer had entered into a salary sacrifice arrangement;

                     (g)  whether the taxpayer’s contributions for a * financial year were processed by the * complying superannuation plan at a time after the end of the financial year;

                     (h)  whether the taxpayer received incorrect advice from a * recognise d tax adviser or other professional adviser on whose advice it was reasonable for the taxpayer to rely;

                      (i)  any other circumstance that the Commissioner considers appropriate.

[excess contributions tax]