Taxation Laws Amendment (Superannuation Contributions) Act 2001 (Cth)

Taxation Laws Amendment (Superannuation Contributions) Act 2001

No. 89, 2001

An Act to amend the law relating to taxation, and for related purposes

Contents

Taxation Laws Amendment (Superannuation Contributions) Act 2001

No. 89, 2001

An Act to amend the law relating to taxation, and for related purposes

[Assented to 18 July 2001]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Taxation Laws Amendment (Superannuation Contributions) Act 2001.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1—Superannuation contributions

Part 1Income Tax Assessment Act 1936

1

Paragraph 67AAA(1)(b)

Omit “or 82AAE”.

2

Subsection 73B(1) (definition of contributions to superannuation funds)

Omit “or 82AAE”.

3

Subsection 82AAA(1) (definition of eligible employee)

After “means”, insert “a person other than the taxpayer who is”.

4

Section 82AAE

Repeal the section.

Part 2Income Tax Assessment Act 1997

1. 5

   Section 12‑5 (table item headed “contributions to non‑complying funds” under “superannuation—employer contributions”)

   Omit “, 82AAE”, substitute “, 26‑75”.

6

At the end of Division 26

Add:

26‑75Contributions to non‑complying superannuation funds

You cannot deduct under this Act an amount you pay as a contribution to a *non‑complying superannuation fund.

Note: Certain contributions to a non‑complying superannuation fund are taken to be contributions to a complying superannuation fund. See section 82AAD of the Income Tax Assessment Act 1936.

7

Section 995‑1

Insert:

non‑complying superannuation fund has the same meaning as in Part IX of the Income Tax Assessment Act 1936.

Part 3Fringe Benefits Tax Assessment Act 1986

1. 8

   Subsection 136(1) (subparagraph (j)(i) of the definition of fringe benefit)

   After “267(1) of the Income Tax Assessment Act 1936)”, insert “for the purpose of making provision for superannuation benefits for the employee (whether or not the benefits are payable to a dependant of the employee if the employee dies before or after becoming entitled to receive the benefits)”.

2. 9

   Subsection 136(1) (subparagraph (j)(ii) of the definition of fringe benefit)

   Repeal the subparagraph, substitute:

   1. (ii)

      the making of a payment of money to a non‑resident superannuation fund (within the meaning of section 6E of the Income Tax Assessment Act 1936) where:

      1. (A)

         the payment is for the purpose of making provision for superannuation benefits for the employee (whether or not the benefits are payable to a dependant of the employee if the employee dies before or after becoming entitled to receive the benefits); and

      2. (B)

         the employee is an exempt visitor to Australia for the purposes of section 517 of that Act in relation to the year of income in which the payment is made; or

3. 10

   Subsection 136(1) (subparagraph (j)(iii) of the definition of fringe benefit)

   After “1997)”, insert “that is held by the employee”.

Part 4Application and transitional provisions

11

Application of amendments

(1) The amendments made by Parts 1 and 2 of this Schedule apply to contributions made after 4 pm (by legal time in the Australian Capital Territory) on 30 June 2000.

(2) The amendments made by Part 3 of this Schedule apply to contributions made after 7 September 2000.

12

Transitional—interpretation of section 82AAA

The amendment of section 82AAA of the Income Tax Assessment Act 1936 made by item 3:

1. (a)

   is for the avoidance of doubt; and

2. (b)

   is not to be taken to affect by implication the interpretation of that section as in force at any time before the commencement of that item.

[Minister’s second reading speech made in—

House of Representatives on 7 September 2000

Senate on 5 October 2000]

(159/00)