Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) 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—Fairer taxation of excess concessional contributions            5

Part 1—Main amendments                                                                                          5

Income Tax Assessment Act 1997                                                                               5

Taxation Administration Act 1953                                                                          13

Part 2—Updating cross-references to concessional contributions         26

Fair Work Act 2009                                                                                                    26

Income Tax Assessment Act 1997                                                                             26

Income Tax (Transitional Provisions) Act 1997                                                   27

Superannuation (Unclaimed Money and Lost Members) Act 1999                  27

Part 3—Other consequential amendments                                                        28

Administrative Decisions (Judicial Review) Act 1977                                        28

Income Tax Assessment Act 1997                                                                             28

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          30

Taxation Administration Act 1953                                                                          31

Taxation (Interest on Overpayments and Early Payments) Act 1983               33

Part 4—Repeal of excess concessional contributions tax                          35

Income Tax Assessment Act 1997                                                                             35

Income Tax (Transitional Provisions) Act 1997                                                   41

Taxation Administration Act 1953                                                                          41

Taxation (Interest on Overpayments and Early Payments) Act 1983               41

Part 5—Repeal of the Superannuation (Excess Concessional Contributions Tax) Act 2007        42

Superannuation (Excess Concessional Contributions Tax) Act 2007             42

Part 6—Contingent amendments                                                                           43

Income Tax Assessment Act 1997                                                                             43

Income Tax (Transitional Provisions) Act 1997                                                   44

Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013       45

Taxation Administration Act 1953                                                                          45

Part 7—Application, transitional and saving provisions                             47

Division 1—Application and transitional provisions                                            47

Income Tax (Transitional Provisions) Act 1997                                                   47

Division 2—Saving provisions                                                                                  50

 



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 Laws Amendment (Fairer Taxation of Excess Concessional Contributions) 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, Parts 1 to 5

The day this Act receives the Royal Assent.

 

3.  Schedule 1, item s 88 to 91

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.

 

4.  Schedule 1, item 92

The later of:

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

(b) immediately after the commencement of item 8 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief 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 93 to 96

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.

 

6.  Schedule 1, item 97

The later of:

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

(b) immediately after the commencement of Schedule 1 to the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 .

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

 

7.  Schedule 1, item 98

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 11; 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.

 

8.  Schedule 1, item 99

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.

 

9.  Schedule 1, item 100

Immediately after the time specified in the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 for the commencement of item 19 of Schedule 1 to that Act.

However, the provision(s) do not commence at all if section 2 of the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 does not commence.

 

10.  Schedule 1, items 101 to 109

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.

 

11.  Schedule 1, Part 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.