Bills Digest 125 1996-97 Superannuation Contributions Surcharge (Application to the Commonwealth-Reduction of Benefits) Bill 1997


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WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments.This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

CONTENTS

Passage History

Superannuation Contributions Surcharge (Application to the Commonwealth-Reduction of Benefits) Bill 1997

Date Introduced: 13 February 1997
House: House of Representatives
Portfolio: Treasury
Commencement: Royal Assent

Purpose

To allow a trustee of a Commonwealth unfunded defined benefits superannuation scheme to reduce any benefits accruing to or for a member of the scheme after 20 August 1996 by the amount of the surcharge they are liable for.

Background

The reader is referred to the Digest for the Superannuation Contributions Surcharge (Assessment and Collection) Bill 1997.

Main Provisions

Clause 4provides that where the liability of a trustee of a Commonwealth unfunded defined benefits superannuation scheme to pay the surcharge arose because of the operation of the Superannuation Contributions Surcharge (Application to the Commonwealth) Bill 1997 is discharged under that Bill (see clause 7 of that Bill), the trustee may reduce any benefits accruing to or for the member after 20 August 1996 by the amount of the surcharge.

Note: Clause 4 of the Bill is analogous to clause 34 of the Superannuation Contributions Surcharge (Assessment and Collection) Bill 1997. It may be noted that the validity of clause 34 has been questioned in submissions to the Senate Select Committee on Superannuation examining the package of legislation which this Bill forms part of.

Contact Officer and Copyright Details

Chris Field
Ian Ireland
3 April 1997
Bills Digest Service
Information and Research Services

This Digest does not have any official legal status. Other sources should be consulted to determine whether the Bill has been enacted and, if so, whether the subsequent Act reflects further amendments.

IRS staff are availableto discuss the paper's contents with Senators and Members andtheir staff but not with members of the public.

ISSN 1323-9031
© Commonwealth of Australia 1996

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1997.

This page was prepared by the Parliamentary Library, Commonwealth of Australia
Last updated: 10 April 1997

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