Superannuation Laws Amendment (2007 Budget Co-contribution Measure) Act 2007 (Cth)

Superannuation Laws Amendment (2007 Budget Co‑contribution Measure) Act 2007

No. 67, 2007

An Act to amend the law relating to superannuation co‑contributions

Contents

Superannuation Laws Amendment (2007 Budget Co-contribution Measure) Act 2007

No. 67, 2007

An Act to amend the law relating to superannuation co‑contributions

[Assented to 15 May 2007]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Superannuation Laws Amendment (2007 Budget Co‑contribution Measure) Act 2007.

2Commencement

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

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Increase in the Government’s superannuation co‑contribution for 2005‑06

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003

1

At the end of Division 2 of Part 2

Add:

12AAmount of the Government co‑contribution for 2005‑06 income year

1. (1)

   This section applies for the purposes of working out the amount of the Government co‑contribution in respect of a person for the 2005‑06 income year.

2. (2)

   Despite sections 9, 10, 10A and 11, that amount is double the amount worked out under those sections in respect of the person for the 2005‑06 income year.

3. (3)

   Subsection (2) has effect subject to sections 12, 21, 22 and 23.

4. (4)

   For the purposes of working out an amount of interest under section 12, 21 or 22 in relation to the Government co‑contribution in respect of a person for the 2005‑06 income year:

   1. (a)

      disregard subsection (2); and

   2. (b)

      treat an amount paid by the Commissioner as not including any amount paid by the Commissioner because of subsection (2).

[Minister’s second reading speech made in—

House of Representatives on 9 May 2007

Senate on 10 May 2007]

(75/07)