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

 

 

(Amendments to be moved by Mr Hockey)

(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]