Bills Digest No. 64   1997-98 Superannuation Contributions Tax Imposition Amendment 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 Tax Imposition Amendment Bill 1997

Date Introduced: 2 October 1997
House: House of Representatives
Portfolio: Treasury
Commencement: The substantive provisions commence immediately after the commencement of the Superannuation Contributions Tax Imposition Act 1997.

Purpose

To round the rate of superannuation contributions surcharge imposed under the Superannuation Contributions Tax Imposition Act 1997 to five decimal places and to make technical amendments to the provisions in that Act concerning the actions the Commissioner of Taxation must take where a member has not provided his or her tax file number (TFN).

Background

The reader is referred to the Digest for the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Bill 1997.

Main Provisions

This Bill has effect from 5 June 1997.

Items 1 and 2 of Schedule 1 provide that the rate of superannuation contributions surcharge imposed under the Imposition Act is rounded to five decimal places.

Items 3 and 4 amend subsection 5(3) of the Imposition Act to ensure that, if a member does not quote his or her TFN and the Commissioner of Taxation is unable to find it out, superannuation contributions surcharge will be payable only on the surchargeable contributions received by a superannuaion provider for the member in the relevant financial year rather than on all contributions received for the member in that year.

Item 5 of Schedule 1 makes amendment to subsection 5(4) of the Imposition Act to recognise that the superannuation contributions surcharge is imposed under the Act rather than by the Commissioner.

Contact Officer and Copyright Details

John Harrison
24 October 1997
Bills Digest Service
Information and Research Services

This paper has been prepared for general distribution to Senators and Members of the Australian Parliament. While great care is taken to ensure that the paper is accurate and balanced, the paper is written using information publicly available at the time of production. The views expressed are those of the author and should not be attributed to the Information and Research Services (IRS). Advice on legislation or legal policy issues contained in this paper is provided for use in parliamentary debate and for related parliamentary purposes. This paper is not professional legal opinion. Readers are reminded that the paper is not an official parliamentary or Australian government document.

IRS staff are available to discuss the paper's contents with Senators and Members
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ISSN 1328-8091
© Commonwealth of Australia 1997

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: 27 October 1997

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