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Superannuation (Government Co-contribution for Low Income Earners) Bill 2002

2002

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As read a third time

 

 

 

 

 

 

 

 

 

Superannuation (Government Co-contribution for Low Income Earners) Bill 2002

 

No.      , 2002

 

 

 

 

 

A Bill for an Act to provide for contributions to be made towards the superannuation of low income earners, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                                1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Act binds Crown................................................................................ 2

4............ Geographical application of Act......................................................... 2

5............ Overview of the Act........................................................................... 2

Part 2—Government co-contribution in respect of low income earners   4

Division 1—Government co-contribution                                                           4

6............ Person in respect of whom Government co-contribution payable..... 4

7............ Contributions that attract matching Government co-contributions... 4

8............ Total income for income year............................................................. 5

Division 2—Amount of the Government co-contribution                          6

9............ Basic rule—Government co-contribution matches personal contributions             6

10.......... Taper based on total income for the income year............................... 6

11.......... Minimum Government co-contribution............................................. 6

12.......... Government co-contribution increased by interest amount if paid late in certain circumstances            7

Part 3—Determination that Government co-contribution payable              8

13.......... Commissioner’s determination........................................................... 8

14.......... Matters Commissioner has regard to in making determination.......... 8

Part 4—Payment of the Government co-contribution                                       10

15.......... Commissioner to determine where the Government co-contribution payment is to be directed            10

16.......... Superannuation provider to return Government co-contribution that cannot be credited to account     11

17.......... Payment of Government co-contribution......................................... 11

18 .......... Commissioner to give information if co-contribution paid ............... 12

Part 5—Underpayments and overpayments                                                           13

Division 1—Underpayments                                                                                    13

19.......... Underpayment determinations......................................................... 13

20.......... Superannuation provider to return underpaid amount that cannot be credited to account      14

21.......... Government co-contribution increased by interest amount if underpaid amount paid late in certain circumstances.......................................................................................................... 15

22.......... Government co-contribution increased by interest amount if underpaid amount due to administrative error        15

23.......... Small underpayments....................................................................... 16

Division 2—Recovery of overpayments                                                            18

24.......... Recovery of overpayment of Government co-contribution in respect of a person 18

25 .......... When general interest charge payable on overpayment .................... 21

Part 6—Information gathering                                                                                        22

Division 1—General                                                                                                     22

26.......... Superannuation providers must give statements to Commissioner.. 22

27.......... Statements where contributed amounts transferred between superannuation providers        23

28.......... Statements from superannuation providers to members.................. 23

29.......... Form in which information is to be given to Commissioner or superannuation provider       24

30.......... Commissioner may require member or legal representative to give information     25

31.......... Commissioner may require superannuation provider to give information               26

32.......... Records to be kept and retained by superannuation provider.......... 27

Division 2—Infringement notices                                                                         29

33.......... When an infringement notice can be served...................................... 29

34.......... Matters to be included in an infringement notice............................. 30

35.......... Withdrawal of infringement notice................................................... 30

36.......... What happens if penalty is paid...................................................... 31

37.......... More than one infringement notice may not be served for the same offence          32

38.......... Infringement notice not required to be served.................................. 32

39.......... Commissioner may extend period for payment of penalty.............. 32

Division 3—Access to premises                                                                            34

40.......... Appointment of authorised persons................................................ 34

41.......... Powers of authorised person in relation to premises....................... 34

42.......... Obstruction of authorised person acting under a warrant................ 35

43.......... Persons to assist authorised persons acting under a warrant........... 35

44.......... Warrant to enter premises................................................................ 35

45.......... Identity cards.................................................................................... 36

Part 7—Administration                                                                                                       38

Division 1—General administration                                                                     38

46.......... Commissioner to have general administration of the Act................. 38

47.......... Decisions to be in writing................................................................. 38

48.......... Commissioner may arrange for use of computer programs to make decisions        38

Division 2—Review of decisions                                                                           39

49.......... Review of decisions.......................................................................... 39

50.......... Authorised review officers............................................................... 39

51.......... Withdrawal of review applications................................................... 39

Division 3—Other administrative matters                                                       40

52.......... Tax file numbers............................................................................... 40

53.......... Secrecy.............................................................................................. 40

54.......... Annual report................................................................................... 43

Part 8—Miscellaneous                                                                                                        44

55.......... Regulations....................................................................................... 44

Part 9—Dictionary                                                                                                                 45

56.......... Dictionary......................................................................................... 45

 



This Bill originated in the House of Representatives; and, having this day passed, is now ready for presentation to the Senate for its concurrence.

I.C. HARRIS

Clerk of the House of Representatives

House of Representatives

23 October 2002

A Bill for an Act to provide for contributions to be made towards the superannuation of low income earners, and for related purposes

The Parliament of Australia enacts: