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This is a Bill, not an Act. For current law, see the Acts databases.
2016
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation (Excess Transfer
Balance Tax) Imposition Bill 2016
No. , 2016
(Treasury)
A Bill for an Act to impose excess transfer balance
tax, and for related purposes
No. , 2016
Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Definitions ......................................................................................... 2
4
Imposition of tax ............................................................................... 2
5
Amount of tax .................................................................................... 2
6
Severability ........................................................................................ 3
No. , 2016
Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016
1
A Bill for an Act to impose excess transfer balance
1
tax, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Superannuation (Excess Transfer Balance Tax)
5
Imposition Act 2016.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
Section 3
2
Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016
No. , 2016
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
At the same time as Schedule 1 to the
Treasury Laws Amendment (Fair and
Sustainable Superannuation) Act 2016
commences.
However, the provisions do not commence
at all if that Schedule does not commence.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Definitions
8
In this Act:
9
excess transfer balance period has the same meaning as in the
10
Income Tax Assessment Act 1997.
11
notional earnings means the sum worked out under
12
subsection 294-230(3) of the Income Tax Assessment Act 1997 for
13
the excess transfer balance period.
14
4 Imposition of tax
15
Excess transfer balance tax payable under section 294-230 of the
16
Income Tax Assessment Act 1997 is imposed.
17
5 Amount of tax
18
(1) The amount of the excess transfer balance tax is:
19
Section 6
No. , 2016
Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016
3
(a) if the circumstances mentioned in subsection (2) apply--30%
1
of the person's notional earnings for the excess transfer
2
balance period; or
3
(b) in any other case--15% of the person's notional earnings for
4
the excess transfer balance period.
5
(2) For the purposes of paragraph (1)(a), the circumstances are:
6
(a) the excess transfer balance period starts on or after 1 July
7
2018; and
8
(b) the person has previously been liable to pay excess transfer
9
balance tax for an excess transfer balance period starting on
10
or after 1 July 2018.
11
6 Severability
12
If, apart from this section, section 4 would impose, in relation to a
13
person, a tax the imposition of which in relation to the person
14
would exceed the legislative power of the Commonwealth,
15
section 4 has effect as if it did not impose that tax in relation to the
16
person.
17