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Superannuation Legislation Amendment Bill 2010

2010

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Superannuation Legislation Amendment Bill 2010

 

No.      , 2010

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to superannuation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

4............ Amendment of assessments................................................................ 3

Schedule 1—Unclaimed money                                                                                      4

Part 1—Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999               4

Part 2—Amendment of the Income Tax Assessment Act 1997            11

Part 3—Application provision                                                                                 13

Schedule 2—Disability insurance premiums paid by superannuation funds         14

Part 1—2004-05 to 2006-07 income years                                                        14

Part 2—2007-08 to 2010-11 income years                                                        16

Division 1—Main amendments                                                                               16

Income Tax Assessment Act 1997                                                                             16

Income Tax (Transitional Provisions) Act 1997                                                   16

Division 2—Sunsetting on 1 January 2017                                                            18

Income Tax Assessment Act 1997                                                                             18

Income Tax (Transitional Provisions) Act 1997                                                   18

Schedule 3—Superanuation and relationship breakdowns                        19

Superannuation Industry (Supervision) Act 1993                                               19

Schedule 4—Other amendments                                                                                  23

Part 1—Notices of intent to deduct                                                                     23

Income Tax Assessment Act 1997                                                                             23

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                     28

Part 2—Employer contributions                                                                             29

Income Tax Assessment Act 1997                                                                             29

Part 3—Shortfall interest charge                                                                            32

Taxation Administration Act 1953                                                                          32

Part 4—Excess contributions tax                                                                           33

Income Tax Assessment Act 1997                                                                             33

Part 5—Public sector defined benefit schemes                                               34

Income Tax Assessment Act 1997                                                                             34

Part 6—Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999               35

Part 7—Application and transitional provisions                                             36

 



A Bill for an Act to amend the law relating to superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Superannuation Legislation Amendment Act 2010.

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedu le 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 2, items 1 to 5

A single day to be fixed by Proclamation.

However, if any of the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

4.  Schedule 2, items 6 and 7

1 January 2017.

1 January 2017

5.  Schedule 3

The day after this Act receives the Royal Assent.

 

6.  Schedule 4, Parts 1 and 2

The day after this Act receives the Royal Assent.

 

7.  Schedule 4, Part 3

The day this Act receives the Royal Assent.

 

8.  Schedule 4, Parts 4 to 7

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in Column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4   Amendment of assessments

                   Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:

                     (a)  the assessment was made before the commencement of item 1 of Schedule 2 to this Act; and

                     (b)  the amendment is made within 2 years after that commencement; and

                     (c)  the amendment is made for the purpose of giving effect to that item.