Commonwealth Numbered Acts Commonwealth Numbered Acts
1 Paragraph 116(2)(d)
Omit "subsection (5) of this section and".
2 Subsections 116(5), (6), (7), (8), (8A) and (9)
Repeal the subsections.
3 Application
The amendments made by the previous 2 items of this Schedule apply on and after 1 July 2007.
Child Support (Registration and Collection) Act 1988
4 Subsection 4(1) (definition of work and income support related withholding payments )
Repeal the definition (not including the note), substitute:
"work and income support related withholding payments" means:
(a) payments from which an amount must be withheld under a provision of Subdivision 12‑B (other than section 12‑55), 12‑C or 12‑D or Division 13 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or
(b) payments from which an amount would be required to be withheld under a provision mentioned in paragraph (a) (other than section 12‑55) apart from subsection 12‑1(1A) in Schedule 1 to that Act.
5 Subsection 4(1) (note to definition of work and income support related withholding payments )
Omit "pensions and annuities, eligible termination payments", substitute "annuities, payments of superannuation benefits, employment termination payments".
Income Tax Assessment Act 1936
6 Subsection 6(1) (paragraph (a) of the definition of work and income support related withholding payments and benefits )
Repeal the paragraph, substitute:
(a) payments from which an amount:
(i) must be withheld under a provision of Subdivision 12‑B (other than section 12‑55), 12‑C or 12‑D or Division 13 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or
(ii) would be required to be withheld under a provision mentioned in subparagraph (i) (other than section 12‑55) apart from subsection 12‑1(1A) in Schedule 1 to that Act; and
7 Subsection 6(1) (note to definition of work and income support related withholding payments and benefits )
Omit "pensions and annuities, eligible termination payments", substitute "annuities, superannuation benefits, employment termination payments".
Income Tax Assessment Act 1997
8 Subsection 80‑15(1)
After "can", insert "be or".
9 Subsection 80‑15(2)
Repeal the subsection, substitute:
(2) The amount of the payment is or includes the * market value of the property.
10 After Division 280
Insert:
Division 285 -- General concepts relating to superannuation
(1) Any of the following payments covered by this Part can be or include a transfer of property:
(a) a contribution;
(b) a * superannuation lump sum.
(2) The amount of the payment is or includes the * market value of the property.
(3) The * market value is reduced by the value of any consideration given for the transfer of the property.
11 Paragraph 290‑85(1)(b)
Omit "employee.", substitute "employee; or".
12 At the end of subsection 290‑85(1)
Add:
(c) is a payment in lieu of salary or wages that relate to a period of service during which the other person was your employee, and is made within 2 months after the person stopped being your employee.
13 After subsection 290‑85(1)
Insert:
(1A) Section 290‑60 also applies as modified by this section if:
(a) you make a contribution in respect of another person at a time; and
(b) the other person had been employed by a company or other entity before that time; and
(c) section 290‑90 would apply in relation to the contribution if the other person were employed by the company or entity at that time; and
(d) the contribution:
(i) reduces the company's or entity's charge percentage under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 in respect of the other person because of section 15B of that Act; or
(ii) is a one‑off payment in lieu of salary or wages that relate to a period of service during which the other person was the company's or entity's employee; or
(iii) is a payment in lieu of salary or wages that relate to a period of service during which the other person was the company's or entity's employee, and is made within 2 months after the person stopped being the company's or entity's employee.
14 Subsection 290‑85(3)
Repeal the subsection, substitute:
(3) Despite subsection 290‑60(2):
(a) if subsection (1) applies--the condition in section 290‑70 must be satisfied at the most recent time when the other person was your employee (apart from subsection (2) of this section); or
(b) if subsection (1A) applies:
(i) the condition in section 290‑70 need not be satisfied; and
(ii) instead, the condition in subsection 290‑90(4) must be satisfied at the most recent time when the other person was the company's or entity's employee.
15 After subsection 290‑180(3)
Insert:
(3A) The variation is not effective if, when you make it:
(a) you were not a member of the fund or the holder of the * RSA; or
(b) the trustee or * RSA provider no longer holds the contribution; or
(c) the trustee or RSA provider has begun to pay a * superannuation income stream based in whole or part on the contribution.
16 Subsection 292‑25(3)
Repeal the subsection, substitute:
(3) An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.
17 After paragraph 292‑90(1)(a)
Insert:
(aa) each amount covered under subsection (4); and
18 At the end of section 292‑90
Add:
(4) An amount is covered under this subsection if it is any of the following:
(a) an amount in a * complying superannuation plan that is allocated by the * superannuation provider in relation to that plan for you for the year in accordance with conditions specified in the regulations;
(b) the amount of any contribution made to that plan in respect of you in the year that is covered by a valid and acknowledged notice under section 290‑170, to the extent that it is not allowable as a deduction for the person making the contribution;
(c) the sum of each contribution made to that plan in respect of you at a time on or after 10 May 2006 when that plan was not a complying superannuation plan (other than a contribution covered under this paragraph in relation to a previous financial year).
19 Paragraph 292‑100(2)(b)
Omit "no later than either of the following", substitute "on or before the later of the following days".
20 Paragraph 292‑100(7)(b)
Omit "no later than either of the following", substitute "on or before the later of the following days".
21 Paragraph 292‑170(6)(d)
Repeal the paragraph, substitute:
(d) the conditions (if any) specified in the regulations are satisfied.
22 Paragraph 292‑170(7)(c)
Repeal the paragraph, substitute:
(c) the entire * value of the original interest:
(i) was transferred directly to the current interest after 5 September 2006; or
(ii) was transferred to another superannuation interest after 5 September 2006, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);
23 Paragraph 292‑170(7)(d)
After "your rights" (wherever occurring), insert "to accrue future benefits".
24 Paragraph 292‑170(7)(e)
Repeal the paragraph, substitute:
(e) either:
(i) the notional taxed contributions mentioned in paragraph (6)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or
(ii) the conditions (if any) specified in the regulations are satisfied;
25 Paragraph 292‑170(7)(f)
Omit "requirements", substitute "conditions".
26 Paragraph 292‑330(b)
Omit "to reduce the assessment".
27 Subsection 292‑410(1)
After "for the person", insert "in a * complying superannuation plan".
28 Paragraph 292‑410(2)(b)
After "for the person", insert "in a * complying superannuation plan".
29 Subsection 292‑410(2)
After "a superannuation interest for the person", insert "in a complying superannuation plan".
30 Subparagraph 292‑410(3)(c)(i)
After "for the person", insert "in a * complying superannuation plan".
31 Paragraph 292‑415(1)(c)
Repeal the paragraph, substitute:
(c) the sum of the * values of every * superannuation interest (other than a * defined benefit interest) held by the superannuation provider for the person in:
(i) for a release authority given under subsection 292‑410(1)-- * complying superannuation plans; or
(ii) for a release authority given under subsection 292‑410(4)-- * superannuation plans.
32 Subsection 292‑415(2)
Repeal the subsection, substitute:
(2) The payment must be made out of one or more * superannuation interests (other than a * defined benefit interest) held by the * superannuation provider for the person in:
(a) for a release authority given under subsection 292‑410(1)-- * complying superannuation plans; or
(b) for a release authority given under subsection 292‑410(4)-- * superannuation plans.
33 Subsection 295‑180(1)
Omit " * complying superannuation fund", substitute " * public sector superannuation scheme".
34 Subsection 295‑180(5)
Omit " * superannuation plan", substitute " * public sector superannuation scheme".
35 At the end of section 304‑10
Add:
(5) For the purposes of this section, treat your receipt of a benefit (other than a * superannuation benefit) out of, or attributable to, the assets of a * superannuation plan as your receipt of a superannuation benefit.
36 Paragraph 307‑10(a)
Omit "perform normal employment duties", substitute "engage in * gainful employment".
37 After paragraph 307‑10(a)
Insert:
(aa) a benefit to which subsection 26AF(1) or 26AFA(1) of the Income Tax Assessment Act 1936 applies;
(ab) an amount required by the Bankruptcy Act 1966 to be paid to a trustee;
38 Paragraph 307‑285(1)(a)
Omit " * superannuation fund", substitute " * public sector superannuation scheme".
39 Paragraph 307‑285(1)(b)
Omit "fund" (first occurring), substitute "scheme".
40 Paragraph 307‑285(1)(d)
Omit "superannuation fund", substitute "scheme".
41 Subsection 307‑285(2)
Omit "fund", substitute "scheme".
42 Subsection 307‑295(3) (method statement, step 1)
After "Subdivide the", insert " * taxable component of the".
43 Subsection 307‑295(3) (method statement, step 1, paragraph (b))
After "of the", insert "taxable component of the".
44 After subsection 307‑350(2)
Insert:
(2A) For the purposes of subsection (2), disregard subsection 307‑5(8).
Income Tax (Transitional Provisions) Act 1997
45 At the end of Division 290
Add:
290‑15 Early balancers--deduction limits from end of 2006‑2007 income year to 1 July 2007
(1) This section applies if a person's 2006‑2007 income year ends before the end of the 2006‑2007 financial year.
(2) The object of this section is to apply (with modifications) provisions limiting deductibility in respect of certain contributions made during the period that:
(a) starts when the person's 2006‑2007 income year ends; and
(b) ends just before 1 July 2007.
(3) The provisions are as follows:
(a) Subdivisions AA and AB of Division 3 of Part III of the Income Tax Assessment Act 1936 , as in force just before they were repealed by the Superannuation Legislation Amendment (Simplification) Act 2007 ;
(b) any other provision of the Income Tax Assessment Act 1936 , or of any instrument made under that Act, to the extent that it relates to the operation of those Subdivisions;
(c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of those Subdivisions.
(4) Those provisions apply in relation to the period mentioned in subsection (2), and do so as if:
(a) that period were the 2007‑2008 income year; and
(b) the deduction limit mentioned in section 82AAC for the 2006‑2007 income year were the deduction limit for the income year mentioned in paragraph (a); and
(c) the deduction limit mentioned in section 82AAT for the 2006‑2007 income year were the deduction limit for the income year mentioned in paragraph (a); and
(d) Division 290 of the Income Tax Assessment Act 1997 did not apply to contributions made during the income year mentioned in paragraph (a).
46 After paragraph 292‑80(3)(e)
Insert:
(ea) in a case where paragraph 292‑95(1)(b) of that Act would have allowed the contribution mentioned in that paragraph to be made at a time within that period--that paragraph allowed the contribution to be made on or before 30 June 2007; and
47 After paragraph 292‑80(3)(f)
Insert:
(fa) in a case where subsection 292‑100(2), (4), (7) or (8) of that Act would have allowed the contribution mentioned in that subsection to be made at a time within that period--that subsection allowed the contribution to be made on or before 30 June 2007; and
48 Section 292‑80B
After "for the person", insert "in a complying superannuation plan".
49 Paragraph 292‑80C(1)(c)
After "for the person", insert "in complying superannuation plans".
50 Subsection 292‑80C(2)
After "for the person", insert "in complying superannuation plans".
51 At the end of Subdivision 320‑H
Add:
320‑246 Exempt life insurance policy--extended meaning of roll‑over superannuation benefit
For the purposes of paragraph 320‑246(1)(e) of the Income Tax Assessment Act 1997 , treat a payment as a roll‑over superannuation benefit if:
(a) the payment was made before 1 July 2007; and
(b) it was a rolled‑over amount (within the meaning of section 27A of the Income Tax Assessment Act 1936 as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ).
Superannuation Guarantee (Administration) Act 1992
52 After section 15B
Insert:
15C Certificates of coverage for international social security agreements
(1) This section applies if a scheduled international social security agreement (within the meaning of section 5 of the Social Security (International Agreements) Act 1999 ) prevents double coverage of the compulsory retirement savings arrangements under the laws of the parties to the agreement.
(2) An entity mentioned in subsection (3) may apply in writing to the Commissioner for a certificate under subsection (4) covering the employment of a particular employee.
(3) For the purposes of subsection (2), the entity must be:
(a) if the employee's employer is not a resident of Australia--a related entity (within the meaning of the agreement) of the employer; or
(b) otherwise--the employee's employer.
(4) The Commissioner may give the entity that made the application a certificate under this subsection if the Commissioner is satisfied that doing so is in accordance with the agreement mentioned in subsection (1).
(5) The certificate must:
(a) state the name of the employer and the employee; and
(b) state the time at which, or the circumstances in which, the certificate stops covering the employment; and
(c) contain any other information that the Commissioner considers relevant.
(6) The Commissioner may revoke or vary a certificate under subsection (4), if doing so would be in accordance with the administrative arrangements to the agreement mentioned in subsection (1) that are agreed between the parties to the agreement.
(7) A person who is dissatisfied with a decision of the Commissioner under subsection (4) or (6) may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .
(8) If the entity that made the application is not the employee's employer, this Part (apart from this section) applies to salary or wages relating to employment covered by the certificate that are paid to the employee as if the entity that made the application were the employee's employer.
53 At the end of paragraph 27(1)(b)
After "Australia", insert "(except to the extent that the salary or wages relate to employment covered by a certificate under section 15C)".
Superannuation Industry (Supervision) Act 1993
54 After section 104
Insert:
(1) This section applies to a person if:
(a) he or she becomes, after 30 June 2007:
(i) the trustee of a self managed superannuation fund; or
(ii) a director of a body corporate that is the trustee of a self managed superannuation fund; or
(b) he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30 June 2007, a trustee of the fund or a director of the body corporate.
(2) The person must:
(a) if paragraph (1)(a) applies--sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and
(b) if paragraph (1)(b) applies--ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and
(c) ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and
(d) make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.
(3) A person is guilty of an offence if the person contravenes subsection (2). This is an offence of strict liability.
Maximum penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability , see section 6.1 of the Criminal Code .
Superannuation (Self Managed Superannuation Funds) Taxation Act 1987
55 Section 15DD
Repeal the section.
56 Section 15DE
Repeal the section.
57 Application
The amendments made by the previous 2 items of this Schedule apply to the 2007‑2008 income year and later years.
Superannuation (Unclaimed Money and Lost Members) Act 1999
58 Subsection 18(1)
Repeal the subsection, substitute:
(1) This section applies to a superannuation provider if:
(a) the superannuation provider is the trustee of a State or Territory public sector superannuation scheme; and
(b) a law of a State or Territory satisfies the requirements set out in subsections (4) and (5).
Note: The heading to section 18 is replaced by the heading " Payment of unclaimed money--State or Territory public sector superannuation schemes ".
59 At the end of section 18
Add:
(7) In this section:
"State or Territory public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:
(a) by or under a law of a State or a law of a Territory; or
(b) under the authority of:
(i) the government of a State or Territory; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of a State or a law of a Territory.
60 Application
The amendments made by the previous 2 items apply in relation to statements required to be given under section 16 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the half‑year ending on 30 June 2007 and later half‑years.
Taxation Administration Act 1953
61 After paragraph 14ZW(1)(aaa)
Insert:
(aab) if the taxation objection is made under section 292‑ 245 of the Income Tax Assessment Act 1997 --4 years after notice of the assessment concerned is given to the person; or
62 Paragraph 14ZW(1B)(b)
After "(1)(aaa),", insert "(aab),".
63 Subsection 12‑1(1) in Schedule 1
After "12‑80", insert ", 12‑85".
64 After subsection 12‑1(1) in Schedule 1
Insert:
Non‑assessable non‑exempt income of recipient
(1A) An entity need not withhold an amount under Subdivision 12‑B, Subdivision 12‑C or section 12‑120 or 12‑190 from a payment if the whole of the payment is not assessable income and is not * exempt income of the entity receiving the payment.
65 Section 18‑75 in Schedule 1
Repeal the section.
66 Application
(1) The amendments made to the following Acts by this Schedule apply to the 2007‑2008 income year and later years:
(a) the Child Support (Registration and Collection) Act 1988 ; and
(b) the Income Tax Assessment Act 1997 ; and
(c) the Income Tax (Transitional Provisions) Act 1997 ; and
(d) the Taxation Administration Act 1953 .
(2) Despite subitem (1), those amendments apply to the 2007‑2008 financial year and later years, to the extent that they relate to Division 292 of the Income Tax Assessment Act 1997 .
(3) Despite subitem (1), those amendments apply on and after 1 July 2007, to the extent that they relate to any of the following:
(a) Divisions 82 and 83 of the Income Tax Assessment Act 1997 ;
(b) Divisions 301 to 307 of that Act.