Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Introduced with the Superannuation (Excess Concessional Contributions Charge) Bill 2013, the bill amends: the
Income Tax Assessment Act 1997
  and
Taxation Administration Act 1953
  to: provide that excess concessional contributions in an individual’s assessable income are taxed at their marginal rate; provide for a non-refundable tax offset equal to 15 per cent of an individual’s excess concessional contributions; and enable individuals to elect to have up to 85 per cent of excess concessional contributions for a financial year released from superannuation; and nine Acts to make consequential and contingent amendments. Also repeals the
Superannuation (Excess Concessional Contributions Tax) Act 2007

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Progress

House of Representatives
19 Jun 2013Introduced and read a first time
19 Jun 2013Second reading moved
19 Jun 2013Referred to Federation Chamber
20 Jun 2013Second reading debate
20 Jun 2013Second reading agreed to
20 Jun 2013Reported from Federation Chamber
20 Jun 2013Third reading agreed to
Senate
24 Jun 2013Introduced and read a first time
24 Jun 2013Second reading moved
28 Jun 2013Second reading debate
28 Jun 2013Second reading agreed to
28 Jun 2013Third reading agreed to


28 Jun 2013Text of bill as passed both Houses
29 Jun 2013Assent

Act no.: 118

Year: 2013

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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