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Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

   

   



Contents

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

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Superannuation guarantee amnesty                                              3

Income Tax Assessment Act 1997                                                                               3

Superannuation Guarantee (Administration) Act 1992                                       5

Schedule 2—Superannuation: employees with multiple employers         9

Part 1—Main amendments                                                                                          9

Superannuation Guarantee (Administration) Act 1992                                       9

Part 2—Consequential amendments                                                                     13

Administrative Decisions (Judicial Review) Act 1977                                        13

Schedule 3—Non-arm’s length income of complying superannuation entities      14

Income Tax Assessment Act 1997                                                                             14

Schedule 4—Limited recourse borrowing arrangements                             16

Part 1—Amendments                                                                                                   16

Income Tax Assessment Act 1997                                                                             16

Taxation Administration Act 1953                                                                          18

Part 2—Application provisions                                                                               19

Income Tax (Transitional Provisions) Act 1997                                                   19

 

 



A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2018 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, items 1 to 9

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 1, items 10 to 13

The day the Bill that became the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2018 was introduced into the House of Representatives.

 

4.  Schedule 2

The day after this Act receives the Royal Assent.

 

5.  Schedules 3 and 4

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.