Bills Digest 126 1996-97 Superannuation Contributions Surcharge (Application to the Commonwealth) Bill 1997


Numerical Index | Alphabetical Index

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) Bill 1997

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

Purpose

To provide for the application of the superannuation contributions surcharge (the surcharge) on contributions of members of non-contributory Commonwealth superannuation schemes.

Background

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

Main Provisions

The provisions of this Bill provide for the application of the surcharge on contributions of members of non-contributory Commonwealth superannuation schemes.

Clause 4 provides that the provisions of this Bill will apply:

  • where a trustee of an unfunded defined benefits superannuation scheme is a Commonwealth officer, authority or agent (Note: The term 'unfunded defined benefits superannuation scheme' is defined in the Superannuation Contribution Surcharge (Assessment and Collection) Bill 1997 to mean a scheme where some or all contributions are not made until the member becomes entitled to receive them); and
  • if the trustee is not a Commonwealth officer, authority or agent they would be liable to pay the surcharge on superannuation contributions for a financial year for a member of the scheme; and
  • there are no superannuation contributions payable to the trustee for or by the member under the scheme.

Where a trustee falls within the above circumstances they will be taken not to be an officer, authority or agent of the Commonwealth in their capacity as trustee of the particular superannuation scheme (clause 5).

Clause 6 provides the Minister for Finance with power to issue directions to a trustee for the discharge of their liability to pay the surcharge. In particular, the Minister for Finance may give directions about the transfer of money within the Public Account (Note: All monies received by the Commonwealth must be kept in the Commonwealth Public Account. This 'bank account' of the Commonwealth consists of three main funds, the Consolidated Revenue Fund, the Trust Fund (which contains a large number of individual trust accounts) and the Loan Fund. Directions of the Minister for Finance under clause 6 are not subject to disallowance by Parliament.

Compliance with a direction of the Minister for Finance under clause 6 discharges the trustee's liability to pay the surcharge (clause 7).

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 available to discuss the paper's contents with Senators and Members and their 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



Back to top


Facebook LinkedIn Twitter Add | Email Print
Back to top