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Superannuation (Excess Concessional Contributions Charge) Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Superannuation (Excess Concessional Contributions Charge) Bill 2013

 

No.      , 2013

 

 

 

 

 

A Bill for an Act to impose a charge on excess concessional contributions, and for related purposes

   

   

   



Contents

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

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

3............ Imposition........................................................................................... 2

4............ Rate of charge for a day...................................................................... 2

5............ Base interest rate................................................................................. 2

 



A Bill for an Act to impose a charge on excess concessional contributions, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Superannuation (Excess Concessional Contributions Charge) Act 2013 .

2   Commencement

                   This Act commences on the day this Act receives the Royal Assent.

3   Imposition

                   Charge payable under section 95-10 in Schedule 1 to the Taxation Administration Act 1953 is imposed.

4   Rate of charge for a day

                   The rate of the charge for a day is:

                  

where:

base interest rate has the meaning given by section 5.

5   Base interest rate

             (1)  The base interest rate for a day depends on which quarter of the year the day is in. For each day in a quarter in the second column of the table, it is the monthly average yield of 90-day Bank Accepted Bills published by the Reserve Bank of Australia for the month in the third column of the table.

 

Base interest rate

Item

For days in this quarter...

the monthly average yield of 90-day Bank Accepted Bills for this month applies...

1

1 January to 31 March

the preceding November

2

1 April to 30 June

the preceding February

3

1 July to 30 September

the preceding May

4

1 October to 31 December

the preceding August

             (2)  If the monthly average yield of 90-day Bank Accepted Bills for a particular month in the third column of the table in subsection (1) is not published by the Reserve Bank of Australia before the beginning of the relevant quarter, assume that it is the same as the last monthly average yield of 90-day Bank Accepted Bills published by the Reserve Bank of Australia before that month.

             (3)  The base interest rate must be rounded to the second decimal place (rounding .005 upwards).

(171/13)