Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 (Cth)

Superannuation (Excess Transfer Balance Tax) Imposition Act 2016

No. 80, 2016

An Act to impose excess transfer balance tax, and for related purposes

Contents

Superannuation (Excess Transfer Balance Tax) Imposition Act 2016

No. 80, 2016

An Act to impose excess transfer balance tax, and for related purposes

[Assented to 29 November 2016]

The Parliament of Australia enacts:

1Short title

This Act is the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016.

2Commencement

1. (1)

   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this Act	At the same time as Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 commences. However, the provisions do not commence at all if that Schedule does not commence.	1 January 2017

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

(2)

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3Definitions

In this Act:

excess transfer balance period has the same meaning as in the Income Tax Assessment Act 1997.

notional earnings means the sum worked out under subsection 294‑230(3) of the Income Tax Assessment Act 1997 for the excess transfer balance period.

4Imposition of tax

Excess transfer balance tax payable under section 294‑230 of the Income Tax Assessment Act 1997 is imposed.

5Amount of tax

1. (1)

   The amount of the excess transfer balance tax is:

   1. (a)

      if the circumstances mentioned in subsection (2) apply—30% of the person’s notional earnings for the excess transfer balance period; or

   2. (b)

      in any other case—15% of the person’s notional earnings for the excess transfer balance period.

2. (2)

   For the purposes of paragraph (1)(a), the circumstances are:

   1. (a)

      the excess transfer balance period starts on or after 1 July 2018; and

   2. (b)

      the person has previously been liable to pay excess transfer balance tax for an excess transfer balance period starting on or after 1 July 2018.

6Severability

If, apart from this section, section 4 would impose, in relation to a person, a tax the imposition of which in relation to the person would exceed the legislative power of the Commonwealth, section 4 has effect as if it did not impose that tax in relation to the person.

[Minister’s second reading speech made in—

House of Representatives on 9 November 2016

Senate on 23 November 2016]

(172/16)