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Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012

 

No.      , 2012

 

 

 

 

 

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

   

   



Contents

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

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

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

Schedule 1—GST-free health supplies                                                                       3

A New Tax System (Goods and Services Tax) Act 1999                                         3

Schedule 2—GST treatment of appropriations                                                    6

A New Tax System (Goods and Services Tax) Act 1999                                         6

Schedule 3—Indexation of superannuation concessional contributions cap          9

Income Tax Assessment Act 1997                                                                               9

Schedule 4—Refund of excess concessional contributions                          10

Part 1—Main amendments                                                                                        10

Income Tax Assessment Act 1997                                                                             10

Part 2—Other amendments                                                                                       18

Income Tax Assessment Act 1997                                                                             18

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          19

Taxation Administration Act 1953                                                                          20

Taxation (Interest on Overpayments and Early Payments) Act 1983               21

Part 3—Application of amendments                                                                    22

Schedule 5—Disclosure of superannuation information                              23

Taxation Administration Act 1953                                                                          23

Schedule 6—Giving information about superannuation contributions 25

Part 1—Main amendments                                                                                        25

Superannuation Industry (Supervision) Act 1993                                               25

Part 2—Other amendments                                                                                       30

Superannuation Industry (Supervision) Act 1993                                               30

Schedule 7—Refunds                                                                                                          31

Taxation Administration Act 1953                                                                          31

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 .

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 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 5

The day this Act receives the Royal Assent.

 

3.  Schedule 6, Part 1

A single day to be fixed by Proclamation.

However, if the provision(s) do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

4.  Schedule 6, Part 2

The day this Act receives the Royal Assent.

 

5.  Schedule 7

The day 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.