Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

Bill home page  


Download WordDownload Word


Download PDFDownload PDF

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

 

 

(1)     Clause 2, page 2 (table item 4), omit the table item, substitute:

4.  Schedule 7

1 July 2017.

1 July 2017

5.  Schedule 8, items 1 to 11

31 December 2016.

31 December 2016

6.  Schedule 8, items 12 and 13

The day this Act receives the Royal Assent.

 

7.  Schedule 8, items 15 to 26

31 December 2016.

31 December 2016

8.  Schedule 9, Part 1A

The day this Act receives the Royal Assent.

 

9.  Schedule 9, Parts 1 and 2

31 December 2016.

31 December 2016

[commencement]

(2)     Schedule  6 , page 37 (lines 1 to 34) , omit the Schedule, substitute:

Schedule 6 Superannuation Guarantee Charge percentage

   

Superannuation Guarantee (Administration) Act 1992

1  Subsection 19(2)

Repeal the subsection, substitute:

             (2)  The charge percentage for a quarter in a year described in an item of the table is the number specified in column 2 of the item.

 

Charge percentage (unless reduced under section 22 or 23)

Item

Column 1

Year

Column 2

Charge percentage

1

Year starting on 1 July 2013

9.25

2

Year starting on 1 July 2014

9.5

3

Year starting on 1 July 2015

9.5

4

Year starting on 1 July 2016

9.5

5

Year starting on 1 July 2017

9.5

6

Year starting on 1 July 2018

9.5

7

Year starting on 1 July 2019

9.5

8

Year starting on 1 July 2020

9.5

9

Year starting on 1 July 2021

10

10

Year starting on 1 July 2022

10.5

11

Year starting on 1 July 2023

11

12

Year starting on 1 July 2024

11.5

13

Year starting on or after 1 July 2025

12

2  Application of amendment

The amendment made by this Schedule applies for the purpose of calculations under section 19 of the Superannuation Guarantee (Administration) Act 1992 for quarters starting on or after 1 July 2015.

[Superannuation Guarantee Charge percentage]

(3)     Schedule  7 , item  7 , page 38 (line 23) to page 39 (line 13) , omit the item, substitute:

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 2017.

(2)       However, section 12G of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 ceases to apply, in relation to any quarter or financial year, at the commencement of this Schedule.

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 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 .

[low income superannuation contribution]

(4)     Schedule  7 , item 9, page 39 (lines 31 and 32) , omit “the deadline under subitem (3)”, substitute “ 1 July 2019 ”.

[low income superannuation contribution]

(5)     Schedule  7 , item 9, page 40 (line 5) , omit “the deadline under subitem (3)”, substitute “ 1 July 2019 ”.

[low income superannuation contribution]

(6)     Schedule  7 , item  9 , page 40 (lines 8 to 11) , omit subitem ( 3 ).

[low income superannuation contribution]

(7)     Schedule 8, items 12 to 14, page 43 (lines 2 to 8), omit the items, substitute:

Farm Household Support (Consequential and Transitional Provisions) Act 2014

12  Subsection 2(1) (table item 4)

Repeal the item.

13  Item 139 of Schedule 2

Repeal the item.

[income support bonus]

(8)     Schedule 8, item 23, page 44 (lines 8 to 10), omit the item, substitute:

23  Paragraph 1231(1AA)(b)

Omit “, training and learning bonus or income support bonus”, substitute “or training and learning bonus”.

[income support bonus]

(9)     Schedule 8, item 26, page 45 (lines 10 to 15), omit subitem (2).

[income support bonus]

(10)   Schedule 9, heading, page 47 (line 1), omit the heading, substitute:

Schedule 9 Schoolkids bonus

[schoolkids bonus]

(11)   Schedule 9, page 47 (before line 2), before Part 1, insert:

Part 1A Amendments

A New Tax System (Family Assistance) Act 1999

1A  At the end of subsection 35UA(1) (before the note)

Add:

            ; and (d)  the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1B  At the end of subsection 35UA(2)

Add:

             ; and (g)  the affected parent’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1C  After subsection 35UA(2)

Insert:

          (2A)  For the purposes of paragraph (2)(g), the affected parent is the person:

                     (a)   who is a parent of the other individual, being a parent within the meaning of paragraph (b) of the definition of parent in subsection 5(1) of the Social Security Act 1991 ; and

                     (b)  who is nominated in writing by the Secretary.

1D  At the end of subsection 35UA(3)

Add:

            ; and (h)  the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1E  At the end of subsection 35UA(4)

Add:

            ; and (h)  the other individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1F  After subsection 35UA(4)

Insert:

       (4AA)  Paragraph (4)(h) does not apply if the instalment referred to in paragraph (4)(a) is an instalment of disability support pension and the other individual is permanently blind.

1G  At the end of subsection 35UE(1)

Add:

            ; and (h)  the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1H  At the end of subsection 35UE(2)

Add:

             ; and (g)  the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1J  At the end of subsection 35UE(3)

Add:

             ; and (i)  the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.

1K  After subsection 35UE(3)

Insert:

          (3A)  Paragraph (3)(i) does not apply if the instalment referred to in paragraph (3)(a) is an instalment of disability support pension and the individual is permanently blind.

1L  Clause 1 of Schedule 3 (heading)

Repeal the heading, substitute:

1   Adjusted taxable income relevant to family tax benefit, schoolkids bonus and child care benefit

1M  Clause 1 of Schedule 3

After “family tax benefit”, insert “, schoolkids bonus”.

A New Tax System (Family Assistance) (Administration) Act 1999

1N  At the end of Division 2A of Part 3

Add:

35J   Determination of eligibility may be based on estimate

                   If:

                     (a)  an individual’s eligibility under Division 1A of Part 3 of the Family Assistance Act for schoolkids bonus on a bonus test day is required to be determined; and

                     (b)  information about the amount of adjusted taxable income needed for the determination of the eligibility is not available (for example, because the taxable income of the individual or another individual cannot be known until after the end of the relevant income year); and

                     (c)  the individual gives the Secretary an estimate of the amount needed; and

                     (d)  the Secretary considers the estimate to be reasonable;

the Secretary may determine the individual’s eligibility on the basis of the estimate.

[schoolkids bonus]

(12)   Schedule 9, heading to Part 1, page 47 (line 2), omit the heading, substitute:

Part 1 Repeals

[schoolkids bonus]

(13)   Schedule 9, page 48 (after line 6), after item 12, insert:

12A  Clause 1 of Schedule 3 (heading)

Repeal the heading, substitute:

1   Adjusted taxable income relevant to family tax benefit and child care benefit

12B  Clause 1 of Schedule 3

Omit “, schoolkids bonus”.

[schoolkids bonus]