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This is a Bill, not an Act. For current law, see the Acts databases.

TAX LAWS AMENDMENT (SUPERANNUATION CONTRIBUTIONS SPLITTING) BILL 2005

2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Superannuation
Contributions Splitting) Bill 2005
No. , 2005
(Treasury)
A Bill for an Act in respect of taxation measures
relating to superannuation, and for related
purposes
Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. , 2005 ii
Contents
1 Short
title ...........................................................................................1
2 Commencement.................................................................................1
3 Schedule(s) ........................................................................................2
Schedule 1--Superannuation contributions splitting
3
Income Tax Assessment Act 1936
3
Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. , 2005 1
A Bill for an Act in respect of taxation measures
1
relating to superannuation, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Tax Laws Amendment
6
(Superannuation Contributions Splitting) Act 2005.
7
2 Commencement
8
This Act commences on the day on which it receives the Royal
9
Assent.
10
2 Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. ,
2005
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
Superannuation contributions splitting Schedule 1
Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. , 2005
3
1
Schedule 1--Superannuation contributions
2
splitting
3
4
Income Tax Assessment Act 1936
5
1 Subsection 27A(1)
6
Insert:
7
contributions-splitting ETP, in relation to a taxpayer, means an
8
amount:
9
(a) paid to a superannuation fund, approved deposit fund or life
10
assurance company, or transferred within a superannuation
11
fund, for the benefit of the taxpayer; and
12
(b) designated as a spouse contributions-splitting amount in
13
regulations made for the purposes of this definition.
14
2 Subsection 27A(1) (at the end of paragraphs (a) and (b) of
15
the definition of eligible service period)
16
Add "or".
17
3 Subsection 27A(1) (after paragraph (b) of the definition of
18
eligible service period)
19
Insert:
20
(ba) where the relevant eligible termination payment is an eligible
21
termination payment by virtue of paragraph (bb) of the
22
definition of eligible termination payment--a period of zero
23
days; or
24
4 Subsection 27A(1) (at the end of paragraph (c) of the
25
definition of eligible service period)
26
Add "or".
27
5 Subsection 27A(1) (definition of eligible termination
28
payment)
29
After "means", insert "any of the following".
30
Schedule 1 Superannuation contributions splitting
4 Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. ,
2005
6 Subsection 27A(1) (at the end of subparagraph (b)(i) of the
1
definition of eligible termination payment)
2
Add "or".
3
7 Subsection 27A(1) (at the end of subparagraph (b)(iii) of the
4
definition of eligible termination payment)
5
Add "or".
6
8 Subsection 27A(1) (after subparagraph (b)(iii) of the
7
definition of eligible termination payment)
8
Insert:
9
(iv) that is a contributions-splitting ETP;
10
9 Subsection 27A(1) (after paragraph (ba) of the definition of
11
eligible termination payment)
12
Insert:
13
(bb) an amount that is a contributions-splitting ETP;
14
10 Subsection 27A(1) (definition of eligible termination
15
payment)
16
After "but does not include", insert "any of the following".
17
11 Subsection 27A(1) (paragraph (n) of the definition of
18
eligible termination payment)
19
Omit "exertion; or", substitute "exertion;".
20
12 Subsection 27A(1) (sub-subparagraph (p)(ii)(B) of the
21
definition of eligible termination payment)
22
Omit "or".
23
13 Subsection 27A(1) (paragraphs (q) and (qa) of the
24
definition of eligible termination payment)
25
Omit "or".
26
14 Subsection 27A(1) (subparagraph (r)(ii) of the definition of
27
eligible termination payment)
28
Omit "or".
29
Superannuation contributions splitting Schedule 1
Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. , 2005
5
15 Subsection 27A(12)
1
After "if" (first occurring), insert "it is a contributions-splitting ETP or
2
if".
3
16 Subsection 27AB(1) (table item 2, column headed "ETP
4
type")
5
After "(b)", insert "or (bb)".
6
17 At the end of section 27D
7
Add:
8
(8) The regulations may:
9
(a) provide that, in circumstances prescribed by regulations for
10
the purposes of this paragraph, an election under
11
subsection (1) is taken to have been made in relation to a
12
qualifying eligible termination payment that is a
13
contributions-splitting ETP; and
14
(b) prescribe matters that are taken to be specified in such an
15
election for the purposes of subsection (1); and
16
(c) prescribe such other matters as are necessary or convenient
17
for the purposes of applying this section to such an election.
18
18 After section 27H
19
Insert:
20
27HA Information about contributions-splitting ETPs
21
(1) A person who pays a contributions-splitting ETP in a financial year
22
must give the Commissioner a statement setting out the matters
23
required by the regulations.
24
(2) The statement must be given:
25
(a) on or before 31 October in the next financial year; or
26
(b) by such later date (if any) as the Commissioner allows.
27
19 Subsection 82AAS(1)
28
Insert:
29
contributions-splitting ETP has the meaning given by subsection
30
27A(1).
31
Schedule 1 Superannuation contributions splitting
6 Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. ,
2005
20 At the end of subsection 82AAT(1B)
1
Add:
2
;
(d)
if:
3
(i) a person has made a contributions-splitting application
4
in respect of contributions made to the fund during a
5
year of income; and
6
(ii) the trustee of the fund has not rejected the application;
7
the person cannot give a notice in respect of those
8
contributions.
9
Note:
Paragraph (d) does not prevent a person from giving a notice under
10
subsection (1A) before the person makes a contributions-splitting
11
application in respect of the contributions.
12
21 After subsection 82AAT(1B)
13
Insert:
14
(1BA)
In
subsection
(1B):
15
contributions-splitting application means an application
16
designated in the regulations as a contributions-splitting
17
application.
18
22 At the end of subsection 82AAT(1CC)
19
Add:
20
;
(d)
if:
21
(i) a person has made a contributions-splitting application
22
in respect of contributions made to the RSA during a
23
year of income; and
24
(ii) the provider of the RSA has not rejected the application;
25
the person cannot give a notice in respect of those
26
contributions.
27
Note:
Paragraph (d) does not prevent a person from giving a notice under
28
subsection (1A) before the person makes a contributions-splitting
29
application in respect of the contributions.
30
23 After subsection 82AAT(1CC)
31
Insert:
32
(1CCA)
In
subsection
(1CC):
33
Superannuation contributions splitting Schedule 1
Tax Laws Amendment (Superannuation Contributions Splitting) Bill 2005 No. , 2005
7
contributions-splitting application has the same meaning as in
1
subsection (1BA).
2

 

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