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Superannuation Contributions Taxes and Termination Payments Tax Legislation Amendment Bill 2001
Schedule 2 Amendment of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

   

1  Subparagraph 9(2)(c)(iii)

Repeal the subparagraph, substitute:

                            (iii)  subject to subsection (3), constitute amounts accrued after 20 August 1996 that are eligible termination payments under paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act and are rolled-over on or after 1 July 1997; and

2  Subsection 9(3)

Omit all the words before the formula, substitute:

                   If an eligible termination payment within the meaning of subparagraph (2)(c)(iii) has been made or is made to or for a taxpayer after 20 August 1996, surcharge is payable only on the part of the reduced amount of the eligible termination payment that is worked out using the formula:

3  Subsection 9(3)

Insert:

reduced amount of an eligible termination payment is the amount remaining after deducting from the amount of the payment any post-June 1994 invalidity component or CGT exempt component of the payment or any part of the payment that was made from an employee share acquisition scheme.

4  Subparagraph 12(5)(a)(i)

Omit “and the total of so much of those amounts as are specified roll-over amounts referred to in subparagraph 9(2)(c)(iii)”.

5  Section 38 (definition of adjusted taxable income )

Repeal the definition, substitute:

adjusted taxable income has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

6  Section 38

Insert:

rolled-over has the meaning given by paragraph 27A(13)(a) of the Income Tax Assessment Act.

7  Section 38 (definition of specified roll-over amount )

Repeal the definition.

8  Amendment of assessments

Nothing in the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 prevents the amendment of an assessment of surcharge on a member’s surchargeable contributions for a financial year for the purpose of giving effect to an amendment of that Act made by this Schedule or Schedule 1 if the Commissioner has sufficient information to satisfy himself or herself that the amendment is required or permitted for that purpose and the amendment does not increase the amount of surcharge payable in respect of those contributions.