2010-2011-2012-2013 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

 

 

 

 

 

Superannuation (Excess Concessional 

Contributions Charge) Bill 2013 

 

No.      , 2013 

 

(Treasury) 

 

 

 

A Bill for an Act to impose a charge on excess 

concessional contributions, and for related 

purposes 

   

   

   

 

 

i       Superannuation (Excess Concessional Contributions Charge) Bill 2013       No.      , 2013 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Imposition .......................................................................................... 2

 

4 

Rate of charge for a day ..................................................................... 2

 

5 

Base interest rate ................................................................................ 2

 

 

 

 

Superannuation (Excess Concessional Contributions Charge) Bill 2013       No.      , 2013       1 

A Bill for an Act to impose a charge on excess 

1 

concessional contributions, and for related 

2 

purposes 

3 

The Parliament of Australia enacts: 

4 

1  Short title 

5 

 

  This Act may be cited as the Superannuation (Excess Concessional 

6 

Contributions Charge) Act 2013. 

7 

2  Commencement 

8 

 

  This Act commences on the day this Act receives the Royal 

9 

Assent. 

10 

   

   

   

 

Section 3 

 

2            Superannuation (Excess Concessional Contributions Charge) Bill 2013       No.      , 2013 

3  Imposition 

1 

 

  Charge payable under section 95-10 in Schedule 1 to the Taxation 

2 

Administration Act 1953 is imposed. 

3 

4  Rate of charge for a day 

4 

 

  The rate of the charge for a day is: 

5 

 

 

Base interest rate for the day

3 percentage points

Number of days in the calendar year

 

6 

where: 

7 

base interest rate has the meaning given by section 5. 

8 

5  Base interest rate 

9 

 

(1)  The base interest rate for a day depends on which quarter of the 

10 

year the day is in. For each day in a quarter in the second column 

11 

of the table, it is the monthly average yield of 90-day Bank 

12 

Accepted Bills published by the Reserve Bank of Australia for the 

13 

month in the third column of the table. 

14 

 

15 

Base interest rate 

Item 

For days in this quarter...  the monthly average yield of 90-day Bank 

Accepted Bills for this month applies... 

1 

1 January to 31 March 

the preceding November 

2 

1 April to 30 June 

the preceding February 

3 

1 July to 30 September 

the preceding May 

4 

1 October to 31 December 

the preceding August 

 

(2)  If the monthly average yield of 90-day Bank Accepted Bills for a 

16 

particular month in the third column of the table in subsection (1) 

17 

is not published by the Reserve Bank of Australia before the 

18 

beginning of the relevant quarter, assume that it is the same as the 

19 

last monthly average yield of 90-day Bank Accepted Bills 

20 

published by the Reserve Bank of Australia before that month. 

21 

   

   

   

 

Section 5 

 

Superannuation (Excess Concessional Contributions Charge) Bill 2013       No.      , 2013            3 

 

(3)  The base interest rate must be rounded to the second decimal place 

1 

(rounding .005 upwards). 

2