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Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013

 

No.      , 2013

 

 

 

 

 

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)......................................................................................... 4

Schedule 1—Loss relief and asset roll-over for transfer of amounts to a MySuper product       5

Part 1—Main amendment                                                                                            5

Income Tax Assessment Act 1997                                                                               5

Part 2—Other amendments                                                                                       15

Income Tax Assessment Act 1997                                                                             15

Part 3—Repeals and related amendments                                                         19

Income Tax Assessment Act 1997                                                                             19

Schedule 2—Sustaining the superannuation contribution concession: consequential amendments for Defence Force superannuation                                                       22

Defence Force Retirement and Death Benefits Act 1973                                    22

Schedule 3—Default superannuation                                                                       27

Fair Work Amendment Act 2012                                                                              27

 



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 Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 .

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.  Schedule 1, Part 1

The day this Act receives the Royal Assent.

 

3.  Schedule 1, items 3 to 8

The day this Act receives the Royal Assent.

 

4.  Schedule 1, item 9

The later of:

(a) the start of the day this Act receives the Royal Assent; and

(b) immediately after the commencement of item 1 of Schedule 3 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 1, items 10 to 13

The day this Act receives the Royal Assent.

 

6.  Schedule 1, items 14 to 19

2 July 2019.

2 July 2019

7.  Schedule 1, item 20

The later of:

(a) the start of 2 July 2019; and

(b) immediately after the commencement of item 1 of Schedule 3 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

8.  Schedule 1, items 21 to 25

2 July 2019.

2 July 2019

9.  Schedule 2

The later of:

(a) the start of the day this Act receives the Royal Assent; and

(b) immediately after the commencement of the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

10.  Schedule 3, items 1 to 9

The day this Act receives the Royal Assent.

 

11.  Schedule 3, item 10

The later of:

(a) the start of the day this Act receives the Royal Assent; and

(b) immediately after the commencement of item 47 of Schedule 1 to the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

12.  Schedule 3, items 11 to 34

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.