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Superannuation Guarantee (Consequential Amendments) Bill 1992

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House: House of Representatives Portfolio: Treasury

Purpose To create number of offences in relation to the payment of the superannuation guarantee charge and to provide that payments of the charge will not be tax deductible.

Background Refer to the digest for the Superannuation Guarantee (Administration) Bill 1992.

Main Provisions The Bill will commence on 1 July 1992 (clause 2).

Clause 3 will amend the Acts specified in the Schedule. The main amendments are to the:

Crimes (Taxation Offences) Act 1980 A new Part VII will be inserted in to this Act. The proposed part will apply Part II of the Act, which deals with arrangements to avoid sales tax, to the guarantee charge. Section 8 and sub- section 10(3) of the Act, which are specific to sales tax, will not apply to the guarantee charge.

Defence Act 1903 A new section 3A will be inserted into this Act to provide that Commonwealth, as the employer under the Act, is not to allow a superannuation shortfall to arise.

Income Tax Assessment Act 1936 A new sub- section 51(9) will be inserted into this Act to provide that payments of the superannuation guarantee charge are not tax deductible.

Bills Digest Service Parliamentary Research Service

For further information, if required, contact the Economics and Commerce Group on 06 2772460.

This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Commonwealth of Australia 1992

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Published by the Department of the Parliamentary Library, 1992.