Superannuation (Excess Non‑concessional Contributions Tax) Act 2007
No. 11, 2007 as amended
Compilation start date: 25 June 2014
Includes amendments up to: Act No. 52, 2014
About this compilation
This compilation
This is a compilation of the Superannuation (Excess Non-concessional Contributions Tax) Act 2007 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.
This compilation was prepared on 3 July 2014.
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.
Uncommenced amendments
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
Provisions ceasing to have effect
If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.
Contents
1 Short title
2 Commencement
3 Definitions
4 Imposition of tax
5 Amount of tax
6 Temporary budget repair levy
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments [none]
Endnote 6—Modifications [none]
Endnote 7—Misdescribed amendments [none]
Endnote 8—Miscellaneous [none]
An Act to impose excess non‑concessional contributions tax, and for related purposes
1 Short title
This Act may be cited as the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Definitions
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.
4 Imposition of tax
Excess non‑concessional contributions tax payable under section 292‑80 of the Income Tax Assessment Act 1997 is imposed.
5 Amount of tax
The amount of the tax is 47% of a person’s excess non‑concessional contributions for a financial year.
6 Temporary budget repair levy
(1) This section applies to the temporary budget repair levy years.
(2) Increase the percentage mentioned in section 5 by 2 percentage points.
Increase limited if certain contributions already taxed
(3) However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person’s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:
(a) income tax;
(b) excess non‑concessional contributions tax.
Definitions
(4) In this section:
excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
income tax has the same meaning as in the Income Tax Assessment Act 1997.
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.
Endnotes
Endnote 1—About the endnotes
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
Abbreviation key—Endnote 2
The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
Uncommenced amendments—Endnote 5
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.
Modifications—Endnote 6
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
Misdescribed amendments—Endnote 7
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Miscellaneous—Endnote 8
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
Endnote 2—Abbreviation key
ad = added or inserted | pres = present |
am = amended | prev = previous |
c = clause(s) | (prev) = previously |
Ch = Chapter(s) | Pt = Part(s) |
def = definition(s) | r = regulation(s)/rule(s) |
Dict = Dictionary | Reg = Regulation/Regulations |
disallowed = disallowed by Parliament | reloc = relocated |
Div = Division(s) | renum = renumbered |
exp = expired or ceased to have effect | rep = repealed |
hdg = heading(s) | rs = repealed and substituted |
LI = Legislative Instrument | s = section(s) |
LIA = Legislative Instruments Act 2003 | Sch = Schedule(s) |
mod = modified/modification | Sdiv = Subdivision(s) |
No = Number(s) | SLI = Select Legislative Instrument |
o = order(s) | SR = Statutory Rules |
Ord = Ordinance | Sub‑Ch = Sub‑Chapter(s) |
orig = original | SubPt = Subpart(s) |
par = paragraph(s)/subparagraph(s) /sub‑subparagraph(s) |
|
Endnote 3—Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
Superannuation (Excess Non‑concessional Contributions Tax) Act 2007 | 11, 2007 | 15 Mar 2007 | 15 Mar 2007 |
|
Superannuation (Excess Non‑concessional Contributions Tax) Amendment (DisabilityCare Australia) Act 2013 | 46, 2013 | 28 May 2013 | Schedule 1: 28 May 2013 (see s. 2(1)) | Sch. 1 (item 2) |
Superannuation (Excess Non‑concessional Contributions Tax) Amendment (Temporary Budget Repair Levy) Act 2014 | 52, 2014 | 25 June 2014 | Sch 1: 25 June 2014 (see s 2(1)) | — |
Endnote 4—Amendment history
Provision affected | How affected |
s. 5..................... | am. No. 46, 2013 |
s 6..................... | ad No 52, 2014 |
Endnote 5—Uncommenced amendments [none]
Endnote 6—Modifications [none]
Endnote 7—Misdescribed amendments [none]
Endnote 8—Miscellaneous [none]