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Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

Schedule 7 Low income superannuation contribution

   

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

1  Subsection 5(2)

Omit:

•      Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation contribution. It also tells you how much the low income superannuation contribution is.

2  Part 2A

Repeal the Part.

3  Subsection 49(1)

Omit “Part 2A,”.

4  Section 55 (note)

Repeal the note.

5  Section 56 (definition of concessional contributions )

Repeal the definition.

6  Section 56 (definition of low income superannuation contribution )

Repeal the definition.

7  Application of amendments

(1)       The amendments made by this Schedule apply in relation to concessional contributions for financial years starting on or after 1 July 2013.

(2)       However, section 12G of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 :

                     (a)  continues to apply, until the commencement of this Schedule, for quarters or financial years ending before that commencement; and

                     (b)  ceases to apply, in relation to concessional contributions for any financial year, at that commencement.

Note:       Section 12G requires the Commissioner to give reports to the Minister for presenting to the Parliament. This subitem ensures that reporting under that section (including for LISC payable for the 2012-13 financial year) is required up to, but not after, the commencement of this Schedule.

(3)       For the purposes of this item, concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 .

8  Transitional—notifying certain decisions

(1)       If, on or after the commencement of this Schedule, the Commissioner makes a decision under paragraph 12F(1)(b) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 in respect of a person, the Commissioner is not required to notify the person of the decision.

Note:       A decision under paragraph 12F(1)(b) is a decision by the Commissioner that the Commissioner would not have determined that a low income superannuation contribution was payable in respect of a person if the Commissioner had had information that was obtained after that determination.

(2)       Subitem (1) has effect despite subsection 12F(2) of that Act.

9  Transitional—Deadlines for the 2012-13 financial year

Determining that a LISC is payable

(1)       The Commissioner must not determine under section 13 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 that a low income superannuation contribution is payable unless the Commissioner becomes satisfied before 1 July 2015 that the contribution is payable.

Determining that an underpaid amount of LISC is payable

(2)       The Commissioner must not determine under section 19 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 that an underpaid amount is to be paid unless the Commissioner becomes satisfied before 1 July 2015 that the amount paid is less than the correct amount of low income superannuation contribution.