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SLI 2015 No. 79 Regulations as made
This regulation amends various taxation and superannuation regulations to enable amounts to be paid from an individual’s superannuation or income stream to meet tax liabilities arising from certain superannuation contributions. This regulation also corrects minor technical and typographical errors and extends the amendment period for assessments of income tax for individuals who make an election in respect of excess non-concessional contributions.
Administered by: Treasury
Registered 01 Jun 2015
Tabling HistoryDate
Tabled HR03-Jun-2015
Tabled Senate15-Jun-2015
Date of repeal 03 Jun 2015
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003
Table of contents.

 

Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015

 

Select Legislative Instrument No. 79, 2015

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 28 May 2015

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Josh Frydenberg

Assistant Treasurer

  

  


Contents

1............ Name................................................................................................... 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 1

4............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Income Tax Regulations 1936                                                                                   3

Retirement Savings Accounts Regulations 1997                                                   3

Superannuation Industry (Supervision) Regulations 1994                                4


1  Name

                   This is the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015.

2  Commencement

                   Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Provisions

Commencement

1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

2.  Schedule 1, items 1 to 3

The day after this instrument is registered.

3.  Schedule 1, item 4

Immediately after the commencement of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.

4.  Schedule 1, items 5 to 11

The day after this instrument is registered.

5.  Schedule 1, items 12 and 13

Immediately after the commencement of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.

6.  Schedule 1, items 14 to 18

The day after this instrument is registered.

3  Authority

                   This instrument is made under the following Acts:

                     (a)  the Income Tax Assessment Act 1936;

                     (b)  the Retirement Savings Accounts Act 1997;

                     (c)  the Superannuation Industry (Supervision) Act 1993.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Income Tax Regulations 1936

1  Regulation 20 (at the end of the table)

Add:

 

9

Paragraph (f) of item 1 of the table in subsection 170(1)

 

The making of an election under paragraph 96‑7(1)(a) or (b) in Schedule 1 to the Taxation Administration Act 1953 in relation to an excess non‑concessional contributions determination for a financial year that corresponds to the year of income mentioned in the item.

2  Part 15

Insert in its appropriate numerical position:

202  Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015

                   The amendment of these Regulations made by item 1 of Schedule 1 to the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015 applies in relation to assessments for the 2013‑14 year of income and later years of income.

Retirement Savings Accounts Regulations 1997

3  Subregulation 4.01(2) (paragraph (c) of the definition of transition to retirement pension)

After “paragraph (b) of the definition of non‑commutable allocated pension”, insert “in subregulation 4.01AA(1)”.

4  Paragraph 4.01B(3)(b)

After “108,”, insert “111A, 111B, 111C,”.

5  Part 7

Insert in its appropriate numerical position:

7.2  Amendments made by the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015

                   The amendment of these Regulations made by item 6 of Schedule 1 to the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015 applies in relation to non‑concessional contributions (within the meaning of the Income Tax Assessment Act 1997) for the 2013‑14 financial year and later financial years.

6  Schedule 2 (table item 111A, column headed “Conditions of release”)

After “96‑10(1)”, insert “or 96‑12(1)”.

7  Schedule 2 (table item 111C, column headed “Conditions of release”)

Omit “subsection 96‑10(1) or”.

Superannuation Industry (Supervision) Regulations 1994

8  Subregulation 6.01(2) (subparagraph (a)(iii) of the definition of transition to retirement income stream)

After “paragraphs (b) and (c) of the definition of non‑commutable allocated annuity”, insert “in subregulation 6.01AA(1)”.

9  Subregulation 6.01(2) (subparagraph (b)(iii) of the definition of transition to retirement income stream)

After “paragraph (b) of the definition of non‑commutable allocated pension”, insert “in subregulation 6.01AB(1)”.

10  Subregulation 6.01AA(1) (definition of non‑commutable allocated annuity)

Omit “Schedule 2”, substitute “Schedule 1”.

11  Subregulation 6.01AB(1) (definition of non‑commutable allocated pension)

Omit “Schedule 2”, substitute “Schedule 1”.

12  Paragraph 6.01B(3)(b)

After “109,”, insert “111A, 111B, 111C”.

13  Paragraph 6.01B(3)(b)

Omit “209, 209A and 212”, substitute “208A, 208B, 208C, 209 and 209A”.

14  Part 14

Insert in its appropriate numerical position:

Division 14.6Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015

14.07  Arrangements

                   The amendments of these Regulations made by items 15 and 17 of Schedule 1 to the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015 apply in relation to non‑concessional contributions (within the meaning of the Income Tax Assessment Act 1997) for the 2013‑14 financial year and later financial years.

15  Part 1 of Schedule 1 (table item 111A, column 2)

After “96‑10(1)”, insert “or 96‑12(1)”.

16  Part 1 of Schedule 1 (table item 111C, column 2)

Omit “subsection 96‑10(1) or”.

17  Part 2 of Schedule 1 (table item 208A, column 2)

After “96‑10(1)”, insert “or 96‑12(1)”.

18  Part 2 of Schedule 1 (table item 208C, column 2)

Omit “subsection 96‑10(1) or”.