Superannuation (Excess Non-concessional Contributions Tax) Act 2007 (Cth)

Superannuation (Excess Non‑concessional Contributions Tax) Act 2007

No. 11, 2007

An Act to impose excess non‑concessional contributions tax, and for related purposes

Contents

Superannuation (Excess Non‑concessional Contributions Tax) Act 2007

No. 11, 2007

An Act to impose excess non‑concessional contributions tax, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Definitions

In this Act:

excess non‑concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.

financial year has the same meaning as in the Income Tax Assessment Act 1997.

4Imposition of tax

Excess non‑concessional contributions tax payable under section 292‑80 of the Income Tax Assessment Act 1997 is imposed.

5Amount of tax

The amount of the tax is 46.5% of a person’s excess non‑concessional contributions for a financial year.

[Minister’s second reading speech made in—

House of Representatives on 7 December 2006

Senate on 26 February 2007]

(203/06)