SuperImpositionAmendment Bill(2)

Superannuation Contributions Tax Imposition Amendment Act 1997

No. 186, 1997

An Act to amend the Superannuation Contributions Tax Imposition Act 1997, and for related purposes

[Assented to 7 December 1997]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Superannuation Contributions Tax Imposition Amendment Act 1997.

2 Commencement

(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(2) Schedule 1 is taken to have commenced on 5 June 1997, immediately after the commencement of the Superannuation Contributions Tax Imposition Act 1997.

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendment of the Superannuation Contributions Tax Imposition Act 1997

1 Subsection 5(1)

After “percentage”, insert “(calculated to 5 decimal places)”.

2 After subsection 5(1)

Insert:

(1A) If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.

3 Paragraph 5(3)(c)

Repeal the paragraph, substitute:

(c) the Commissioner has written a letter to the member at the member’s last‑known address telling the member that, if the member does not quote his or her tax file number, the rate of surcharge that will apply to the member for a financial year (the relevant financial year) may be 15% of the member’s surchargeable contributions for the relevant financial year;

4 Paragraphs 5(3)(d), (e) and (f)

Repeal the paragraphs, substitute:

(d) if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member’s surchargeable contributions for the relevant financial year exceed the surchargeable contributions threshold—the rate of surcharge that applies in respect of the member’s surchargeable contributions for the relevant financial year is 15% of those contributions;

(e) if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member’s surchargeable contributions for the relevant financial year do not exceed the surchargeable contributions threshold—the rate of surcharge that applies in respect of the member’s surchargeable contributions for the relevant financial year is nil;

(f) subject to subsection (4), if no contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997—the rate of surcharge that applies in respect of the member’s surchargeable contributions for the relevant financial year is 15% of those contributions.

5 Subsection 5(4)

Repeal the subsection, substitute:

(4) If:

(a) the Commissioner has written a letter to a member as mentioned in paragraph (3)(c); and

(b) the member has not quoted his or her tax file number as mentioned in paragraph (3)(a) within 3 months after the letter was sent;

paragraph (3)(f) does not apply in respect of the member unless the Commissioner has, after that period, written a further letter to the member:

(d) in the same terms as the earlier letter.

[Minister's second reading speech made in—

House of Representatives on 2 October 1997

Senate on 22 October 1997]

(184/97)

1 Short title

2 Commencement

3 Schedule(s)

Schedule 1—Amendment of the Superannuation Contributions Tax Imposition Act 1997