Title Superannuation Contributions Taxes and Termination Payments Tax Legislation Amendment Bill 2001
Database Bills & Legislation
Long Title a Bill for an Act to amend the law relating to superannuation contributions taxes and termination payments tax, and for related purposes
Date 21-06-2001
Source House of Reps
Parl No. 39
Bill Number 01112
Bill Type Government
Portfolio Treasurer's portfolio
Reps Bill Code T
Status Act
System Id legislation/bills/r1337_act/0004


Superannuation Contributions Taxes and Termination Payments Tax Legislation Amendment Bill 2001
Schedule 3—Amendment of the Termination Payments Tax (Assessment and Collection) Act 1997

  

1  Subsection 8(1)

Omit “Termination payments surcharge”, substitute “Subject to subsection (1A), termination payments surcharge”.

2  After subsection 8(1)

Insert:

No surcharge is payable on excessive part of termination payments

          (1A)  In the case of a termination payment made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is not payable on any part of the payment that the Commissioner has determined under section 140R of the Income Tax Assessment Act to be in excess of the RBLs of the taxpayer.

3  Section 9

Repeal the section, substitute:

9  Surcharge payable only on part of certain termination payments

             (1)  This section applies if a termination payment has been or is made to or for a taxpayer after 20 August 1996.

             (2)  In the case of a termination payment made at or before 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is payable only on the part of the termination payment that is worked out using the formula:

             (3)  In the case of a termination payment made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is payable only on the part of the termination payment that is worked out using the formula:

             (4)  For the purposes of this section:

excessive component means the part (if any) of the termination payment that the Commissioner has determined under section 140R of the Income Tax Assessment Act to be in excess of the RBLs of the taxpayer.

post‑20 August 1996 period means the number of days in the period of the taxpayer’s employment for which the termination payment was made that occurred after 20 August 1996.

total period means the number of days in the period of the taxpayer’s employment for which the termination payment was made.

4  Application

The amendments made by this Schedule apply only to payments made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001.

5  Amendment of assessments

Nothing in the Termination Payments Tax (Assessment and Collection) Act 1997 prevents the amendment of an assessment of surcharge on termination payments made to or for a taxpayer for a financial year for the purpose of giving effect to an amendment of that Act made by this Schedule or Schedule 1 if the Commissioner has sufficient information to satisfy himself or herself that the amendment is required or permitted for that purpose and the amendment does not increase the amount of surcharge payable in respect of those termination payments.

 

 

[Minister’s second reading speech made in—

House of Representatives on 21 June 2001

Senate on 7 August 2001]

 

(112/01)