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Treasury Laws Amendment (More Flexible Superannuation) Bill 2020

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1005 revised 2

2019-2021

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (More Flexible Superannuation) Bill 2020

 

 

(1)     Clause 2, page 2 (table item 2, column headed “Provisions”), omit “Schedule 1”, substitute “Schedules 1 and 2”.

[excess concessional contributions]

(2)     Page 3 (after line 9), at the end of the Bill, add:

Schedule 2—Excess concessional contributions

Part 1—Amendments

Income Tax Assessment Act 1997

1  Section 26-74

Repeal the section.

2  Section 291-1 (note)

Omit “about a charge you may be liable to pay, and”.

3  Section 291-15 (note 2)

Repeal the note.

4  Subsection 995-1(1) (definition of excess concessional contributions charge )

Repeal the definition.

Taxation Administration Act 1953

5  Subsection 8AAB(4) (table item 44Q)

Repeal the item.

6  Division 95 in Schedule 1

Repeal the Division.

7  Section 97-1 in Schedule 1

Omit “and any excess concessional contributions charge”.

8  Section 97-5 in Schedule 1 (heading)

Omit “ and charge ”.

9  Section 97-5(1) in Schedule 1

Repeal the subsection, substitute:

             (1)  If you have * excess concessional contributions for a * financial year, the Commissioner must make a written determination stating the amount of those excess concessional contributions.

10  Subsection 250-10(2) in Schedule 1 (table item 37AD)

Repeal the item.

11  Subsection 250-10(2) in Schedule 1 (table item 135Q)

Repeal the item.

12  Subsection 280-100(4) in Schedule 1

Repeal the subsection.

Part 2—Repeal

Superannuation (Excess Concessional Contributions Charge) Act 2013

13  The whole of the Act

Repeal the Act.

Part 3—Application

14  Application

The amendments made by this Schedule apply in relation to excess concessional contributions for a financial year starting on or after 1 July 2021.

[excess concessional contributions]