Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 (Cth)

Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013

No. 87, 2013

An Act to impose tax on certain superannuation contributions, and for related purposes

Contents

Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013

No. 87, 2013

An Act to impose tax on certain superannuation contributions, and for related purposes

[Assented to 28 June 2013]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.

2Commencement

This Act commences on the day this Act receives the Royal Assent.

3Definitions

In this Act:

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

taxable contributions has the same meaning as in the Income Tax Assessment Act 1997.

4Imposition of tax

Tax payable under section 293‑15 of the Income Tax Assessment Act 1997 is imposed.

5Amount of tax

The amount of the tax is 15% of a person’s taxable contributions for an income year.

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 15 May 2013

Senate on 17 June 2013]

(95/13)