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

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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.

Progress

House of Representatives
Introduced and read a first time 19 Jun 2013
Second reading moved 19 Jun 2013
Referred to Federation Chamber 19 Jun 2013
Second reading debate 20 Jun 2013
Second reading agreed to 20 Jun 2013
Reported from Federation Chamber 20 Jun 2013
Third reading agreed to 20 Jun 2013
Senate
Introduced and read a first time 24 Jun 2013
Second reading moved 24 Jun 2013
Second reading debate 28 Jun 2013
Second reading agreed to 28 Jun 2013
Third reading agreed to 28 Jun 2013
Text of bill as passed both Houses 28 Jun 2013
Assent
  • Act no.: 118
  • Year: 2013
29 Jun 2013

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Notes

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.