Taxation Laws Amendment (Superannuation) Act 1993
Act No. 7 of 1993 as amended
This compilation was prepared on 17 September 2010
taking into account amendments up to Act No. 75 of 2010
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra
TABLE OF PROVISIONS
PART 1 - PRELIMINARY
Section
1. Short title [see Note 1]
2. Commencement [see Note 1]
PART 2 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Division 1 - Principal Act
3. Principal Act
Division 2 - Amendments of the definition of "fixed interest
complying ADF"
4. Fixed interest complying ADFs - exemption of income attributable
to certain 25 May 1988 deposits
5. Application
Division 3 - Amendments relating to notification requirements
for superannuation contributions
6. Deductions for superannuation contributions by eligible persons
7. Deductions for superannuation contributions by eligible persons
8. Interpretation
9. Taxable contributions
10. Contribution notices or eligible person notices given after return
lodgment date
11. Application
Division 4 - Amendments relating to ETP rules for death benefits
12. Interpretation
13. Insertion of new section:
27AAA. Special rules for death benefits
14. Assessable income to include certain superannuation and similar
payments
15. Interpretation
16. Repeal and substitution of new section:
159SA. Rebate to ensure upper limit on tax on eligible
assessable income
17. Repeal of sections 159SB, 159SC, 159SD and 159SE
18. Upper limit for working out residual amount
19. Repeal of section 159SH
20. Application
Division 5 - Amendments relating to RBL rules for death benefits
21. Insertion of new section:
140CA. Deceased person's RBL to be used to calculate excessive
component for death benefit ETPs
22. Revision of final determinations
23. Benefits which are counted towards a person's RBLs
24. Assessment of benefits against lump sum RBL
25. Application
Division 6 - Amendments relating to the tax treatment of the
excessive component of ETPs
26. Notional income where assessable income includes consideration
receivable on disposal, loss or destruction of depreciated
property
27. Notional income of a taxpayer deriving a premium
28. Capital gains, abnormal income and ETP excessive component to be
disregarded
29. Application
Division 7 - Amendments to extend the meaning of annuities
30. Interpretation
31. Interpretation
32. Interpretation
33. Application
PART 3 - AMENDMENT OF THE INCOME TAX RATES ACT 1986
Division 1 - Principal Act
35. Principal Act
Division 2 - Amendments relating to the tax treatment of the
excessive component of ETPs
36. Interpretation
37. Schedule 7
38. Schedule 8
39. Schedule 9
40. Schedule 10
41. Schedule 11
42. Schedule 12
43. Application
PART 4 - AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT
1987
Division 1 - Principal Act
44. Principal Act
Division 2 - Amendments relating to transferred retiree members of
superannuation funds
45. Interpretation
46. Application
Division 3 - Amendments relating to the notification of breaches of
superannuation fund conditions
47. Notices as to satisfaction of the superannuation fund conditions
48. Application
49. Transitional
Division 4 - Amendments relating to prospectuses
50. Interpretation
51. Insertion of new section:
12A. Commissioner may modify application of standards
relating to prospectuses
52. Review of certain decisions
Division 5 - Amendments relating to disclosure of information about
superannuation funds
53. Secrecy
Division 6 - Amendments relating to notification requirements for
ETP payers
54. Payers must provide certain information
55. Application
PART 5 - AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION)
ACT 1992
Division 1 - Principal Act
56. Principal Act
Division 2 - Amendments relating to defined benefit superannuation
schemes
57. Interpretation: general
58. Insertion of new sections:
6A. Interpretation: defined benefit superannuation scheme
6B. Interpretation: conversion notice
59. Interpretation: benefit certificate
60. Reduction of charge percentage where contribution made to fund
other than defined benefit superannuation scheme
61. Application
PART 6 - AMENDMENT OF THE TAXATION LAWS AMENDMENT (SUPERANNUATION)
ACT 1992
Division 1 - Principal Act
62. Principal Act
Division 2 - Amendments relating to the meaning of annuities
63. Repeal of section 35
64. Application
Division 3 - Amendments relating to the components of an ETP
65. Components of an ETP
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993 - LONG TITLE
An Act to amend the law relating to taxation
PART 1 - PRELIMINARY
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 1
Short title [see Note 1]
1. This Act may be cited as the Taxation Laws Amendment (Superannuation) Act
1993.
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 2
Commencement [see Note 1]
2.(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) The following provisions commence on 1 July 1994:
(a) Divisions 4 and 6 of Part 2;
(b) Division 2 of Part 3;
(c) Division 3 of Part 6.
(3) Division 5 of Part 2 and section 7 commence immediately after the
commencement of Division 4 of Part 2 of the Taxation Laws Amendment
(Superannuation) Act 1992.
(4) Sections 47 and 48 commence on a day to be fixed by Proclamation.
(5) If sections 47 and 48 do not commence under subsection (4) within the
period of 6 months beginning on the day on which this Act receives the Royal
Assent, they commence on the first day after the end of that period.
(6) Divisions 1 and 2 of Part 6 are taken to have commenced on 22 December
1992.
PART 2 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Division 1 - Principal Act
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 3
Principal Act
3. In this Part, "Principal Act" means the Income Tax Assessment Act
1936.*1*
*1* No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No.
5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69,
1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37,
1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48,
1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No.
43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65,
1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960;
Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 34 and 69, 1963; Nos. 46,
68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos.
19, 38, 76 and 85, 1967; Nos. 4, 70, 87 and 148, 1968; Nos. 18, 93 and 101,
1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972;
Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20,
1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143,
165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 36, 57, 87, 90, 123, 171
and 172, 1978; Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24,
57, 58, 124, 133, 134 and 159, 1980; Nos. 61, 92, 108, 109, 110, 111, 154 and
175, 1981; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49,
51, 54 and 103, 1983; Nos. 14, 42, 47, 63, 76, 115, 124, 165 and 174, 1984;
No. 123, 1984 (as amended by No. 65, 1985); Nos. 47, 49, 104, 123, 168 and
174, 1985; No. 173, 1985 (as amended by No. 49, 1986); Nos. 41, 46, 48, 51,
109, 112 and 154, 1986; No. 49, 1986 (as amended by No. 141, 1987); No. 52,
1986 (as amended by No. 141, 1987); No. 90, 1986 (as amended by No. 141,
1987); Nos. 23, 58, 61, 120, 145 and 163, 1987; No. 62, 1987 (as amended by
No. 108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as
amended by No. 11, 1988); No. 139, 1987 (as amended by Nos. 11 and 78, 1988);
Nos. 8, 11, 59, 75, 78, 80, 87, 95, 97, 127 and 153, 1988; Nos. 2, 11, 56, 70,
73, 105, 107, 129, 163 and 167, 1989; No. 97, 1989 (as amended by No. 105,
1989); Nos. 20, 35, 45, 57, 58, 60, 61, 87, 119 and 135, 1990; Nos. 4, 5, 6,
48, 55, 100, 203, 208 and 216, 1991; and Nos. 3, 35, 70, 80, 81, 92, 98, 101,
118, 138, 190, 191, 208, 224, 227, 237 and 238, 1992.
Division 2 - Amendments of the definition of "fixed interest
complying ADF"
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 4
Fixed interest complying ADFs-exemption of income attributable to
certain 25 May 1988 deposits
4. Section 290A of the Principal Act is amended:
(a) by omitting "either or both" from paragraph (a) of the definition of
"fixed interest complying ADF" in subsection (4) and substituting "any one or
more";
(b) by inserting after subparagraph (a)(i) of the definition of "fixed
interest complying ADF" in subsection (4) the following subparagraph:
"(ia) any profit arising on the disposal, redemption, cancellation or
maturity of a security (within the meaning of Division 10);".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 5
Application
5. The amendments made by this Division apply to assessments for the year of
income in which 1 July 1988 occurred and for all later years of income.
Division 3 - Amendments relating to notification requirements for
superannuation contributions
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 6
Deductions for superannuation contributions by eligible persons
6. Section 82AAT of the Principal Act is amended by omitting subsections (1)
to (1D) (inclusive) and substituting the following subsections:
"(1) A person who has made a contribution to a fund during a year of income
is entitled to an allowable deduction for the contribution in the person's
assessment for the year of income if all the following conditions are met:
(a) the person is an eligible person in relation to the year of income;
(b) the person made the contribution in order to obtain superannuation
benefits for the person or for dependants of the person in the event of the
person's death;
(c) the fund is a complying superannuation fund for the fund's year of
income in which the person made the contribution;
(d) the person has given a notice under subsection (1A) in respect of the
contribution and the trustee of the fund has acknowledged that notice under
subsection (1A).
The deduction cannot be more than the amount covered by the notice under
subsection (1A), and is also subject to the limits in subsection (2).
"(1A) A person who is making or has made a contribution to a fund may give a
written notice to the trustee of the fund, stating that the person intends to
claim a deduction under this section for the whole or a specified part of the
contribution. The trustee must, without delay, give the person a notice
acknowledging receipt of the person's notice.
"(1B) The following restrictions apply to notices under subsection (1A):
(a) a person cannot give a notice that covers the whole or any part of an
amount covered by a previous notice;
(b) a person cannot give a notice to the trustee of a fund after the person
has ceased to be a member of the fund;
(c) a person cannot revoke or withdraw a notice (but may vary it under
subsection (1C)).
"(1C) A person may at any time give written notice to the trustee of a fund
reducing the amount covered by a notice under subsection (1A), but not below
the amount that has been allowed as a deduction to the person under this
section for contributions covered by the notice.
"(1D) Notices under this section must be given in the form and manner
approved by the Commissioner in writing for the purposes of this section.
"(1E) A person is not entitled to a deduction under this section for a
contribution unless the person receives the acknowledgment mentioned in
subsection (1A) before the Commissioner makes the relevant assessment.
However, if the person later receives the acknowledgment, the Commissioner may
amend the assessment to allow the deduction.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 7
Deductions for superannuation contributions by eligible persons
7. Section 82AAT of the Principal Act is amended by omitting paragraph
(2A)(a) and substituting the following paragraph:
"(a) by identifying the day in the year of income, or the last day in the
year of income, on which the taxpayer made a contribution for which the
taxpayer would be entitled to a deduction under this section (ignoring the
notice requirements of paragraph (1)(d) and subsection (1A) and the limits in
subsection (2)); and".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 8
Interpretation
8. Section 267 of the Principal Act is amended by omitting from subsection
(1) the definitions of "approved form", "approved manner" and "approved
person".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 9
Taxable contributions
9. Section 274 of the Principal Act is amended:
(a) by omitting from subsection (1) "are taxable contributions" and
substituting "in a year of income ('the contribution year') are taxable
contributions in relation to the contribution year";
(b) by omitting subparagraph (1)(b)(i) and substituting the following
subparagraph:
"(i) a contribution of the kind mentioned in paragraph 82AAT(1)(b),
to the extent to which the contribution:
(A) is covered by a notice under subsection 82AAT(1A) received by
the trustee of the fund before the date on which the trustee lodges the return
of income of the fund for the contribution year; and
(B) has not been rolled-over as mentioned in paragraph
27A(13)(a);";
(c) by omitting subsections (2) to (5) (inclusive) and substituting the
following subsection:
"(2) Subject to this Division, if:
(a) in a year of income ('the notice year') the trustee of a fund receives a
notice under subsection 82AAT(1A) in relation to contributions that were made
to the fund during a year of income ('the contribution year') in relation to
which the fund was a complying superannuation fund; and
(b) the trustee receives the notice after the date on which the trustee
lodged the return of income of the fund for the contribution year;
the contributions, to the extent to which they are covered by the notice, are
taxable contributions in relation to the notice year.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 10
Contribution notices or eligible person notices given after return lodgment
date
10. Section 276 of the Principal Act is amended:
(a) by omitting subsections (1) and (3) and substituting the following
subsections:
"(1) Subject to this section, if:
(a) in a year of income ('the notice year') the trustee of a fund receives a
notice under subsection 82AAT(1C) in relation to contributions that were made
to the fund in an earlier year of income ('the contribution year'); and
(b) the trustee receives the notice after the date on which the trustee
lodged the return of income of the fund for the contribution year; and
(c) apart from this section and section 275, the assessable income of the
fund of the contribution year would include an amount ('the clawback amount')
that would not have been included if the trustee had received the notice
before that date;
the clawback amount is allowable as a deduction from the assessable income of
the fund of the notice year.
"(3) If the Commissioner is satisfied that it would be appropriate for the
clawback amount not to be included in the assessable income of the fund of the
contribution year:
(a) so much of the contribution as equals the clawback amount is taken for
the purposes of this Part (other than this section) never to have been a
taxable contribution; and
(b) the clawback amount is not allowable as a deduction under subsection
(1).";
(b) by omitting from subsection (4) "The matters to which the Commissioner
is to have regard are" and substituting "The Commissioner must have regard to
the following matters in deciding whether to apply subsection (3)".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 11
Application
11. The amendments made by this Division (other than section 7) apply to
contributions made on or after 1 July 1992, other than such contributions made
to a fund by a person who ceased to be a member of the fund before the date on
which this Act received the Royal Assent.
Division 4 - Amendments relating to ETP rules for death benefits
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 12
Interpretation
12. Section 27A of the Principal Act is amended:
(a) by omitting subparagraphs (aa)(ii), (ba)(ii) and (ca)(ii) of the
definition of "eligible termination payment" in subsection (1);
(b) by inserting in subsection (1) the following definition:
" 'death benefit ETP' means an ETP that is a death benefit within the
meaning of section 27AAA;";
(c) by omitting subsections (4), (4A), (5BA) and (12D);
(d) by omitting subsection (12B) and substituting the following subsection:
"(12B) A death benefit ETP is not a qualifying eligible termination payment,
in spite of anything in subsection (12).";
(e) by omitting from paragraph (12C)(a) "paragraph (g) or (h)" and
substituting "paragraph (d), (g) or (h)".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 13
13. After section 27A of the Principal Act the following section is
inserted:
Special rules for death benefits
(Outline of section)
"27AAA.(1) This section:
(a) defines the types of payments that are treated as death benefits for the
purpose of the rules providing for taxing of ETPs; and
(b) provides concessional treatment for death benefits that are paid in
relation to dependants.
(Table of death benefits)
"(2) Table 1 sets out the payments that are death benefits for the purposes
of this section. In applying the table, the dependant's concessions provided
by this section are ignored in deciding whether a payment is covered by a
particular ETP paragraph.
TABLE 1-DEATH BENEFITS
Item ETP When payment is a death benefit Dependant's
paragraph concession (if
any)
1 (a), (b), if the payment is made after the calculated
(c), (d), death of the taxpayer to the under
(e), (g) or trustee of the taxpayer's estate subsection (3)
(h)
2 (aa), (ba), always calculated
(ca), (db), under
(f), (gb) or subsection (4)
(j)
3 (da) or always calculated
(ga) under
subsection (3)
4 (d) or (g) if the payment is connected calculated
with a deceased person as under
described in subsection (6) subsection (4)
and is made within the period
specified in subsection (7)
(Dependant's concession for Items 1 and 3)
"(3) In the case of a death benefit covered by Item 1 or 3 in Table 1, the
amount that would otherwise be an ETP in relation to the deceased taxpayer is
to be reduced by such amount (if any) as the Commissioner considers
appropriate having regard to the extent to which dependants of the deceased
taxpayer may reasonably be expected to benefit from the estate. However, the
ETP is not to be reduced to an amount less than the notional excessive
component (if any) that applies to the death benefit under subsection (5).
(Dependant's concession for Items 2 and 4)
"(4) This subsection applies if a death benefit covered by Item 2 or 4 in
Table 1 is paid to a taxpayer who was a dependant of the deceased person
referred to in the relevant ETP paragraph, either at the time of the deceased
person's death or at the time of payment of the death benefit. The amount that
would otherwise be an ETP in relation to the taxpayer is not to exceed the
notional excessive component (if any) that applies to the death benefit under
subsection (5).
(Notional excessive component of a death benefit)
"(5) The notional excessive component of a death benefit is the amount that
would be worked out under Division 14 as the excessive component of the death
benefit if the whole of the death benefit were treated as an ETP for the
purposes of that Division.
(Required link with deceased person for Item 4 death benefit)
"(6) In order to be covered by Item 4 in Table 1, the pension or annuity
that was commuted as mentioned in ETP paragraph (d) or (g) must be a pension
or annuity that:
(a) before it became payable to the taxpayer, was payable to another person
who has died; or
(b) became payable to the taxpayer because of the death of another person.
(Period for paying Item 4 death benefit)
"(7) In order to be covered by Item 4 in Table 1, the payment must be made:
(a) within 6 months after the death of the deceased person mentioned in
subsection (6); or
(b) within 3 months after the grant of probate of that deceased person's
will or letters of administration of that deceased person's estate;
whichever is the longer period.
(Definitions)
"(8) In this section:
'ETP paragraph' means any of the paragraphs of the definition of 'eligible
termination payment' in subsection 27A(1).".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 14
Assessable income to include certain superannuation and similar payments
14. Section 27B of the Principal Act is amended:
(a) by inserting in subsection (1) "(other than a death benefit ETP)" after
"an ETP";
(b) by inserting after subsection (1) the following subsection:
"(1A) If a death benefit ETP is made in relation to a taxpayer in relation
to a year of income, the taxpayer's assessable income of the year of income
includes:
(a) the taxed element of the retained amount of the post-June 83 component;
and
(b) the untaxed element of the retained amount of the post-June 83
component.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 15
Interpretation
15. Section 159S of the Principal Act is amended:
(a) by inserting "or (1A)" after "27B(1)" in paragraph (c) of the definition
of "eligible assessable income";
(b) by omitting the definitions of "golden handshake ETP", "life assurance
company", "registered organization", "residual amount", "rolled-over",
"s.27B(1) amount", "start date", "superannuation-related ETP", "Table 1" and
"Table 2";
(c) by inserting the following definitions:
" 's.27B(1A)(a) amount' means an amount included in assessable income under
paragraph 27B(1A)(a);
's.27B(1A)(b) amount' means an amount included in assessable income under
paragraph 27B(1A)(b);".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 16
16. Section 159SA of the Principal Act is repealed and the following section
is substituted:
Rebate to ensure upper limit on tax on eligible assessable income
"159SA.(1) If the assessable income of the taxpayer of the current year of
income includes any eligible assessable income, the taxpayer is entitled to a
rebate of tax in the taxpayer's assessment of such amount (if any) as will
ensure that the rate of tax on a rebatable amount specified in Table 1 will
not be more than the corresponding rate of tax specified in that table.
TABLE 1-MAXIMUM RATES OF TAX ON ELIGIBLE ASSESSABLE INCOME
Item Class of eligible assessable income Corresponding Rates of
rebatable tax (%)
amount
1 current year's total of taxpayer's derived 20
s.27B(1)(a) amounts for non-age 55 ETPs low rate part 0
2 current year's total of taxpayer's
s.27B(1)(a) amounts for age 55 ETPs
3 current year's total of taxpayer's remaining part 15
s.27B(1)(a) amounts for age 55 ETPs
4 current year's total of taxpayer's derived 30
s.27B(1)(b) amounts for non-age 55 ETPs low rate part 15
5 current year's total of taxpayer's
s.27B(1)(b) amounts for age 55 ETPs
6 current year's total of taxpayer's remaining part 30
s.27B(1)(b) amounts for age 55 ETPs
7 current year's total of taxpayer's derived 15
s.27B(1A)(a) amounts
8 current year's total of taxpayer's derived 30
s.27B(1A)(b) amounts
9 current year's total of taxpayer's derived 30
eligible assessable income (excluding
amounts covered by Items 1 to 8)
"(2) The rebatable amount for a particular class of eligible assessable
income in Table 1 is worked out as follows:
(a) the 'derived amount' is so much of the taxable part of the taxable
income as is attributable to that class;
(b) subject to subsection (3), the 'low rate part' is so much of the derived
amount for the class as does not exceed the residual amount under section
159SF for the current year;
(c) the 'remaining part' is so much of the derived amount for the class as
is left over after deducting the low rate part.
"(3) The total of the low rate parts for the current year cannot be more
than the residual amount under section 159SF for the current year.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 17
Repeal of sections 159SB, 159SC, 159SD and 159SE
17. Sections 159SB, 159SC, 159SD and 159SE of the Principal Act are
repealed.
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 18
Upper limit for working out residual amount
18. Section 159SG of the Principal Act is amended by omitting paragraphs
(1)(a) and (b).
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 19
Repeal of section 159SH
19. Section 159SH of the Principal Act is repealed.
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 20
Application
20. The amendments made by this Division apply to payments made on or after
1 July 1994.
Division 5 - Amendments relating to RBL rules for death benefits
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 21
21. After section 140C of the Principal Act the following section is
inserted:
Deceased person's RBL to be used to calculate excessive component for death
benefit ETPs
"140CA.(1) This section applies in cases where (apart from this section) the
recipient for a death benefit ETP ('the current ETP') is not the relevant
deceased person for the ETP.
"(2) The current ETP is to be treated as being an ETP in relation to the
relevant deceased person (and not in relation to the person who would be the
recipient apart from this section) for the purpose of working out:
(a) the extent to which the current ETP has an excessive component; and
(b) the extent to which any other ETP in relation to the relevant deceased
person, or any other person, has an excessive component.
"(3) In this section:
'death benefit ETP' means an ETP that is a death benefit within the meaning
of section 27AAA;
'relevant deceased person' means:
(a) for a death benefit covered by Item 1 in Table 1 in section 27AAA-the
taxpayer referred to in the applicable paragraph of the definition of
'eligible termination payment' in subsection 27A(1); or
(b) for a death benefit covered by Item 2 or 3 in Table 1 in section
27AAA-the deceased person referred to in the applicable paragraph of the
definition of 'eligible termination payment' in subsection 27A(1); or
(c) for a death benefit covered by Item 4 in Table 1 in section 27AAA-the
deceased person referred to in paragraph 27AAA(6)(a) or (b).".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 22
Revision of final determinations
22. Section 140S of the Principal Act is amended by omitting subsection (2).
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 23
Benefits which are counted towards a person's RBLs
23. Section 140ZC of the Principal Act is amended by omitting paragraphs
(2)(f) and (i).
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 24
Assessment of benefits against lump sum RBL
24. Section 140ZF of the Principal Act is amended by adding at the end the
following subsection:
(Death benefit ETPs never to be assessed against lump sum RBL)
"(5) In spite of subsections (1), (2) and (3), the current benefit is not to
be assessed against the recipient's lump sum RBL for the year of income if the
current benefit is an ETP that is a death benefit within the meaning of
section 27AAA.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 25
Application
25. The amendments made by this Division apply to payments made on or after
1 July 1994.
Division 6 - Amendments relating to the tax treatment of the
excessive component of ETPs
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 26
Notional income where assessable income includes consideration
receivable on disposal, loss or destruction of depreciated property
26. Section 59AB of the Principal Act is amended by omitting from subsection
(4) "any Act by which a rate of tax upon the taxable income of a taxpayer is
fixed by reference to a notional income" and substituting "any Act that fixes
a rate or rates of income tax by reference to a notional income".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 27
Notional income of a taxpayer deriving a premium
27. Section 86 of the Principal Act is amended by omitting from subsection
(1) "any Act whereby a rate of tax upon the taxable income of a taxpayer is
fixed by reference to a notional income" and substituting "any Act that fixes
a rate or rates of income tax by reference to a notional income".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 28
Capital gains, abnormal income and ETP excessive component to be disregarded
28. Section 149A of the Principal Act is amended by inserting in paragraph
(1)(a) and subparagraph (1)(b)(i) "and did not include any amount under
subsection 27B(1A) or (3)" after "Part IIIA".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 29
Application
29. The amendments made by this Division apply to assessments for the
1994-95 year of income and for all later years of income.
Division 7 - Amendments to extend the meaning of annuities
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 30
Interpretation
30. Section 110 of the Principal Act is amended by inserting in subsection
(1) the following definition:
" 'annuity' has the same meaning as in section 3 of the Occupational
Superannuation Standards Act 1987;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 31
Interpretation
31. Section 116E of the Principal Act is amended by inserting in subsection
(1) the following definition:
" 'annuity' has the same meaning as in section 3 of the Occupational
Superannuation Standards Act 1987;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 32
Interpretation
32. Section 159GP of the Principal Act is amended by inserting in subsection
(1) the following definition:
" 'annuity' has the same meaning as in section 3 of the Occupational
Superannuation Standards Act 1987;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 33
Application
33. The amendments made by this Division apply to annuities purchased on or
after 22 December 1992.
PART 3 - AMENDMENT OF THE INCOME TAX RATES ACT 1986
Division 1 - Principal Act
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 35
Principal Act
35. In this Part, "Principal Act" means the Income Tax Rates Act 1986.*2*
*2* No. 107, 1986, as amended. For previous amendments, see Nos. 60 and 138,
1987; Nos. 11, 78 and 118, 1988; Nos. 70, 98 and 106, 1989; No. 87, 1990; Nos.
48, 100 and 216, 1991; and No. 98, 1992.
Division 2 - Amendments relating to the tax treatment of the excessive
component of ETPs
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 36
Interpretation
36. Section 3 of the Principal Act is amended:
(a) by omitting the definition of "special income component" in subsection
(1) and substituting the following definition:
" 'special income component', in relation to a taxable income for which
there is a capital gains amount or an abnormal income amount, means:
(a) so much of the taxable income as does not exceed the capital gains
amount, the abnormal income amount or the sum of those amounts, as the case
requires; or
(b) if the sum ('the component sum') of:
(i) the amount worked out under paragraph (a); and
(ii) the EC part of the taxable income;
is more than the taxable income-the amount worked out under paragraph (a),
reduced by the amount by which the component sum exceeds the taxable
income;";
(b) by inserting in subsection (1) the following definitions:
" 'EC part of the taxable income' means so much of the taxable income as
does not exceed the excessive component included in assessable income under
subsection 27B(3);
'ordinary taxable income' means the taxable income, reduced by the EC part
of the taxable income;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 37
Schedule 7
37. Schedule 7 to the Principal Act is amended:
(a) by omitting from clause 1 of Part I "clauses 2 and 3, the rate of tax in
respect of each part of the taxable income of a resident taxpayer specified in
column 1 of the following table is the rate set out in column 2 of that table
opposite to the reference to that part of the taxable income" and
substituting:
"clauses 2 and 3, the rates of tax on the taxable income of a resident
taxpayer are as follows:
(a) for the EC part of the taxable income-47%;
(b) for each part of the ordinary taxable income specified in column 1 of
the following table-the corresponding rate set out in column 2 of the
table:";
(b) by inserting in the table in clause 1 of Part I "ordinary" before
"taxable income" (wherever occurring);
(c) by omitting paragraph (d) of the definition of component B in clause 2
of Part I and substituting the following paragraph:
"(d) the amount of tax that would be payable by the taxpayer under clause 1
on a taxable income equal to the reduced taxable income;";
(d) by adding at the end of clauses 2 and 3 of Part I:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.";
(e) by omitting from clause 1 of Part II "clauses 2 and 3, the rate of tax
in respect of each part of the taxable income of a non-resident taxpayer
specified in column 1 of the following table is the rate set out in column 2
of that table opposite to the reference to that part of the taxable income"
and substituting:
"clauses 2 and 3, the rates of tax on the taxable income of a non-resident
taxpayer are as follows:
(a) for the EC part of the taxable income-47%;
(b) for each part of the ordinary taxable income specified in column 1 of
the following table-the corresponding rate set out in column 2 of the
table:";
(f) by inserting in the table in clause 1 of Part II "ordinary" before
"taxable income" (wherever occurring);
(g) by omitting paragraph (d) of the definition of component B in clause 2
of Part II and substituting the following paragraph:
"(d) the amount of tax that would be payable by the taxpayer under clause 1
on a taxable income equal to the reduced taxable income;";
(h) by adding at the end of clauses 2 and 3 of Part II:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 38
Schedule 8
38. Schedule 8 to the Principal Act is amended by inserting in subparagraph
(2)(b)(ii) of Division 2 of Part I "ordinary" before "taxable" (wherever
occurring).
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 39
Schedule 9
39. Schedule 9 to the Principal Act is amended:
(a) by omitting clause 1 of Part I and substituting the following clause:
"1. Subject to clause 2, the rates of tax on the taxable income of a
resident taxpayer deriving a notional income as specified by section 59AB or
86 of the Assessment Act are as follows:
(a) for the EC part of the taxable income-47%;
(b) for every $1 of the ordinary taxable income-the amount worked out using
the formula:
Tax at ordinary rates on non-EC notional income
Number of dollars in the non-EC notional income
where:
'Tax at ordinary rates on non-EC notional income' means the tax that would
be payable under clause 1 of Part I of Schedule 7 on an ordinary taxable
income equal to the non-EC notional income;
'Number of dollars in the non-EC notional income' means the number of whole
dollars in the non-EC notional income;
In this clause, 'non-EC notional income' means the amount that would have been
the notional income as specified by section 59AB or 86 of the Assessment Act
if that notional income had been calculated by reference to ordinary taxable
income instead of by reference to taxable income.";
(b) by adding at the end of clause 2 of Part I:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.";
(c) by omitting clause 1 of Part II and substituting the following clause:
"1. Subject to clause 2, the rates of tax on the taxable income of a
non-resident taxpayer deriving a notional income as specified by section 59AB
or 86 of the Assessment Act are as follows:
(a) for the EC part of the taxable income-47%;
(b) for every $1 of the ordinary taxable income-the amount worked out using
the formula:
Tax at ordinary rates on non-EC notional income
Number of dollars in the non-EC notional income
where:
'Tax at ordinary rates on non-EC notional income' means the tax that would
be payable under clause 1 of Part II of Schedule 7 on an ordinary taxable
income equal to the non-EC notional income;
'Number of dollars in the non-EC notional income' means the number of whole
dollars in the non-EC notional income;
In this clause, 'non-EC notional income' means the amount that would have been
the notional income as specified by section 59AB or 86 of the Assessment Act
if that notional income had been calculated by reference to ordinary taxable
income instead of by reference to taxable income.";
(d) by adding at the end of clause 2 of Part II:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 40
Schedule 10
40. Schedule 10 to the Principal Act is amended by inserting in paragraph
2(b) of Part I "ordinary" before "taxable" (wherever occurring).
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 41
Schedule 11
41. Schedule 11 to the Principal Act is amended by adding at the end of
clause 3 of Parts I and II:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 42
Schedule 12
42. Schedule 12 to the Principal Act is amended by adding at the end of
clause 3 of Parts I and II:
"In applying the formula, component B is to be worked out on the assumption
that the whole of the taxable income is ordinary taxable income.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 43
Application
43. The amendments made by this Division apply to assessments for the
1994-95 year of income and for all later years of income.
PART 4 - AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987
Division 1 - Principal Act
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 44
Principal Act
44. In this Part, "Principal Act" means the Occupational Superannuation
Standards Act 1987.*3*
*3* No. 97, 1987, as amended. For previous amendments, see No. 138, 1987; Nos.
97 and 105, 1989; Nos. 61 and 135, 1990; Nos. 55 and 216, 1991; and Nos. 92,
98 and 208, 1992.
Division 2 - Amendments relating to transferred retiree members of
superannuation funds
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 45
Interpretation
45. Section 3 of the Principal Act is amended by omitting paragraph (b) of
the definition of "transferred retiree member" in subsection (1) and
substituting the following paragraphs:
"(b) at or after the member's retirement, an amount was paid to the trustees
of the fund in respect of the member; and
"(c) assuming that the fund was a complying superannuation fund (within the
meaning of Part IX of the Tax Act) in relation to the year of income of the
fund in which the payment was made, the payment would have represented the
roll-over of an eligible termination payment (within the meaning of section
27A of the Tax Act);".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 46
Application
46. The amendments made by this Division apply in relation to amounts paid
to the trustees of a fund after the commencement of this section.
Division 3 - Amendments relating to the notification of breaches of
superannuation fund conditions
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 47
Notices as to satisfaction of the superannuation fund conditions
47. Section 12 of the Principal Act is amended:
(a) by inserting in paragraph (3A)(a) "satisfied the following requirements"
after "trustee of the fund" (first occurring);
(b) by omitting subparagraph (3A)(a)(i) and substituting the following
subparagraphs:
"(i) in any case-the trustee notified the breach to the Commissioner
as soon as practicable after becoming aware of the breach;
(ia) if:
(A) the trustee's response to the breach is covered by regulations
made for the purposes of this subparagraph; and
(B) the trustee is given a written notice under the regulations
requesting the trustee to take all reasonable steps to notify the breach to
all prescribed employer sponsors in relation to the fund;
the trustee complied with the request;
(ib) if:
(A) the trustee's response to the breach is not covered by
regulations made for the purposes of subparagraph (ia); and
(B) the trustee is not given a written waiver under the
regulations from the requirements of this subparagraph;
the trustee took all reasonable steps to notify the breach to all prescribed
employer sponsors in relation to the fund within the period specified in the
regulations;";
(c) by inserting in subparagraph (3A)(a)(ii) "in any case-the trustee"
before "caused the breach".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 48
Application
48. The amendments made by section 47 apply in relation to a breach of a
superannuation fund condition as follows:
(a) if the breach continued over a period-the amendments apply to so much of
the breach as occurred after the commencement of this section;
(b) in any other case-the amendments apply if the breach occurred after the
commencement of this section.
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 49
Transitional
49. Subsection 12(3A) of the Principal Act applies, and is taken always to
have applied, to a breach of a superannuation fund condition as follows:
(a) if the breach continued over a period-that subsection applies to so much
of the breach as occurred after 30 June 1992;
(b) in any other case-that subsection applies if the breach occurred after
30 June 1992.
Division 4 - Amendments relating to prospectuses
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 50
Interpretation
50. Section 3 of the Principal Act is amended by inserting after paragraph
(d) of the definition of "reviewable decision" in subsection (1) the
following paragraphs:
"(da) a decision of the Commissioner refusing to give an exemption under
section 12A in relation to a fund;
(db) a decision of the Commissioner to vary or revoke an exemption
under section 12A in relation to a fund;
(dc) a decision of the Commissioner refusing an application for the
variation or revocation of an exemption under section 12A in relation to a
fund;
(dd) a decision of the Commissioner to make a determination under section
12A in relation to a fund;
(de) a decision of the Commissioner to vary or revoke a determination under
section 12A in relation to a fund;
(df) a decision of the Commissioner refusing an application for the
variation or revocation of a determination under section 12A in relation to a
fund;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 51
51. After section 12 of the Principal Act the following section is inserted:
Commissioner may modify application of standards relating to prospectuses
"12A.(1) This section applies to a standard prescribed under subsection
7(1), where the standard relates to prospectuses.
"(2) The Commissioner may, by written notice given to the trustee of a fund,
exempt the fund from compliance with the standard.
"(3) The exemption may be made either generally or as otherwise provided in
the exemption.
"(4) The exemption may be unconditional or subject to such conditions (if
any) as are specified in the exemption.
"(5) If the Commissioner makes a decision refusing an application for an
exemption, the Commissioner must give the applicant a written notice setting
out the decision and giving the reasons for the decision.
"(6) The Commissioner may, by written notice given to the trustee of a fund,
vary or revoke an exemption applicable to the fund.
"(7) If the Commissioner makes a decision to vary or revoke an exemption,
the Commissioner must give the trustee of the fund concerned a written notice
giving the reasons for the decision.
"(8) If the Commissioner makes a decision refusing an application for the
variation or revocation of an exemption, the Commissioner must give the
applicant a written notice giving the reasons for the decision.
"(9) The Commissioner may, by written notice given to the trustee of a fund,
determine that the standard is to have effect, in its application in relation
to the fund and in relation to a specified prospectus, as if it were modified
in the manner specified in the determination.
"(10) The determination may have effect either generally or as otherwise
specified in the determination.
"(11) If a determination is made, the standard has effect accordingly.
"(12) A notice of a determination must give the reasons for making the
determination.
"(13) The Commissioner may, by written notice given to the trustee of a
fund, vary or revoke a determination applicable to the fund.
"(14) If the Commissioner makes a decision to vary or revoke a
determination, the Commissioner must give the trustee of the fund concerned a
written notice giving the reasons for the decision.
"(15) If the Commissioner makes a decision refusing an application for the
variation or revocation of a determination, the Commissioner must give the
applicant a written notice giving the reasons for the decision.
"(16) An exemption given in response to an application made within 90 days
after the commencement of this section may be expressed to have taken effect
on a day that is:
(a) on or after 24 February 1993; and
(b) earlier than the day on which the notice of the exemption was given.
"(17) In this section:
'modification' includes addition, omission and substitution.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 52
Review of certain decisions
52. Section 16 of the Principal Act is amended by inserting in subsection
(1) "(da), (db), (dc), (dd), (de), (df)," after "(d),".
Division 5 - Amendments relating to disclosure of information about
superannuation funds
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 53
Secrecy
53. Section 18 of the Principal Act is amended by omitting subsection (2A)
and substituting the following subsection:
"(2A) Subsection (2) does not prevent the Commissioner from disclosing any
or all of the following information about a fund:
(a) whether or not the trustee of the fund has lodged a return under section
12 in respect of a particular year of income;
(b) whether or not a decision has been made by the Commissioner to give a
notice, or a particular kind of notice, in relation to the fund under section
12 in respect of a particular year of income;
(c) whether or not a notice, or a particular kind of notice, has been given
by the Commissioner under section 10, 12 or 13 in relation to the fund in
respect of a particular year of income;
(d) whether or not the trustee of the fund has asked the Commissioner to
give the trustee a notice under subsection 13(1) in respect of a particular
year of income;
(e) whether or not the trustee of the fund has told the Commissioner that
the trustee is willing to accept a particular kind of contribution;
(f) an address at which business relating to the fund may be transacted;
(g) such other information as is reasonably necessary to enable members of
the public to contact a person who has a function in relation to the fund.".
Division 6 - Amendments relating to notification requirements for ETP
payers
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 54
Payers must provide certain information
54. Section 15G of the Principal Act is amended by omitting subsection (4)
and substituting the following subsection:
"(4) A payer does not have to lodge a notice under subsection (1) for a
payment that is less than or equal to the amount prescribed by the regulations
for the purposes of this subsection. However, this exemption from lodgment
does not apply to:
(a) a payment made out of an approved deposit fund; or
(b) a payment made by a life assurance company (otherwise than in the
capacity of an employer) from a source other than a superannuation fund; or
(c) a payment made by a registered organisation (otherwise than in the
capacity of an employer).".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 55
Application
55. The amendment made by this Division applies to payments made on or after
24 December 1991.
PART 5 - AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT
1992
Division 1 - Principal Act
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 56
Principal Act
56. In this Part, "Principal Act" means the Superannuation Guarantee
(Administration) Act 1992.*4*
*4* No. 111, 1992, as amended. For previous amendments, see No. 208, 1992.
Division 2 - Amendments relating to defined benefit superannuation
schemes
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 57
Interpretation: general
57. Section 6 of the Principal Act is amended by omitting from subsection
(1) the definition of "defined benefit superannuation scheme".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 58
58. After section 6 of the Principal Act the following sections are
inserted:
Interpretation: defined benefit superannuation scheme
"6A.(1) Subject to subsection (2), a defined benefit superannuation scheme
is a scheme under which:
(a) one or more members of the scheme are entitled, on retirement, to be
paid a benefit defined, wholly or in part, by reference to either or both of
the following:
(i) the amount of the member's annual salary:
(A) at the date of the member's retirement; or
(B) at a date before retirement; or
(C) averaged over a period of employment before retirement;
(ii) a specified amount; and
(b) if the scheme is not a public sector scheme-some or all of the
contributions under the scheme (out of which, together with earnings on those
contributions, the benefits are to be paid) are not paid into a fund, or
accumulated in a fund, in respect of any individual member but are paid into
and accumulated in a fund in the form of an aggregate amount.
"(2) A scheme embodied in the governing rules of a superannuation fund
(other than a scheme of the kind referred to in subsection (1)) is a defined
benefit superannuation scheme if a conversion notice has effect in relation to
the fund.
"(3) If the conversion notice is expressed to take effect on a day before
the day on which the notice is given, the scheme in question is taken to have
been a defined benefit superannuation scheme from the day on which the notice
is expressed to take effect.
"(4) Subsection (3) has effect regardless of the making of any assessment,
or the payment of any superannuation guarantee charge, in respect of a
contribution period that ended after the conversion notice took effect.
Interpretation: conversion notice
"6B.(1) A conversion notice is a written notice by the trustee of a
superannuation fund given to the Commissioner of Insurance and Superannuation
stating that the fund is to be treated as a defined benefit superannuation
scheme for the purposes of this Act.
"(2) Subject to subsection (4), a conversion notice takes effect in relation
to the fund on the day specified in the notice. Subject to subsection (4), the
trustee may, by written notice ('revocation notice') given to the Commissioner
of Insurance and Superannuation, revoke the conversion notice.
"(3) A conversion notice may be expressed to take effect on a day (whether
before or after the commencement of section 1 of the Taxation Laws Amendment
(Superannuation) Act 1993) that is not earlier than:
(a) the first day of the year in which the notice is given; or
(b) if the notice is given before 15 August in that year-the first day of
the preceding year.
"(4) A conversion notice or a revocation notice will not be effective
unless, before it is given, the trustee gives all employers contributing to
the fund for the benefit of employees written notice of:
(a) the trustee's intention to give the notice; and
(b) the proposed date of effect of the notice.
"(5) If an employer begins contributing to a superannuation fund for the
benefit of employees at a time when a conversion notice has effect in relation
to the fund, the trustee must give the employer written notice of:
(a) the giving of the conversion notice; and
(b) the date of effect of the notice;
within 30 days of the receipt by the trustee of the employer's first
contribution.
"(6) A notice under this section may be given by post.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 59
Interpretation: benefit certificate
59. Section 10 of the Principal Act is amended by inserting after paragraph
(3)(c) the following word and paragraph:
"or (d) in the case of a certificate that relates to a scheme that is a
defined benefit superannuation scheme because of the operation of subsection
6A(2)-the conversion notice under section 6B is revoked;".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 60
Reduction of charge percentage where contribution made to fund other
than defined benefit superannuation scheme
60. Section 23 of the Principal Act is amended by inserting after subsection
(8) the following subsection:
(Contribution made when conversion notice has effect not to be taken into
account under this section)
"(8A) A contribution to a superannuation fund made by an employer for the
benefit of an employee at a time when a conversion notice has effect in
relation to the fund is not at any time to be taken into account under this
section.".
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 61
Application
61. The amendments made by this Division apply for the purposes of
assessments in respect of the 1992-93 financial year and of each later
financial year.
PART 6 - AMENDMENT OF THE TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT
1992
Division 1 - Principal Act
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 62
Principal Act
62. In this Part, "Principal Act" means the Taxation Laws Amendment
(Superannuation) Act 1992.*5*
*5* No. 208, 1992.
Division 2 - Amendments relating to the meaning of annuities
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 63
Repeal of section 35
63. Section 35 of the Principal Act is repealed.
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 64
Application
64. The amendment made by this Division applies to annuities purchased on or
after 22 December 1992.
Division 3 - Amendments relating to the components of an ETP
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993
- SECT 65
Components of an ETP
65. Section 51 of the Principal Act is amended by omitting from paragraph
(b) "ETP" (wherever occurring) and substituting "ETP-C".
Notes to the Taxation Laws Amendment (Superannuation) Act 1993
Note 1
The Taxation Laws Amendment (Superannuation) Act 1993 as shown in this compilation
comprises Act No. 7, 1993 amended as indicated in the Tables below.
Table of Acts
Act | Number | Date | Date of commencement | Application, saving or transitional provisions |
Taxation Laws Amendment (Superannuation) Act 1993 | 7, 1993 | 27 May 1993 | See s. 2 |
|
Tax Laws Amendment (2010 Measures No. 2) Act 2010 | 75, 2010 | 28 June 2010 | Schedule 6 (item 107): 29 June 2010 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
Div. 8 of Part 2............ | rep. No. 75, 2010 |
S. 34................... | rep. No. 75, 2010 |