Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 43

43. In this Act, unless the contrary intention applies: adjusted taxable
income of a member for a financial year means the sum of:

   (a)  the member's taxable income of the year of income comprising the
        financial year less any amounts included in the member's assessable
        income of that year of income:

        (i)    that were eligible termination payments for the purposes of
               Subdivision AA of Division 2 of Part III of the Income Tax
               Assessment Act (other than amounts that were such payments
               because of paragraph (a) of the definition of eligible
               termination payment in subsection 27A(1) of that Act);

        (ii)   that were so included under section 26AC or under subsection
               26AD(2), (3) or (4) of the Income Tax Assessment Act in respect
               of a bona fide redundancy amount, an early retirement scheme
               amount or an invalidity amount as defined in section 159S of
               that Act; and

   (b)  the member's surchargeable contributions for the financial year.
advance instalment has the meaning given by section 11.
approved deposit fund has the same meaning as in section 10 of the
Superannuation Industry (Supervision) Act 1993.
annuity has the same meaning as in section 10 of the Superannuation Industry
(Supervision) Act 1993 and includes a deferred annuity as defined in
subsection 27A(1) of the Income Tax Assessment Act.
assessment means an assessment of surcharge.
authorised officer means an officer or employee within the meaning of the
Public Service Act 1922 who has been authorised in writing by the Commissioner
for the purposes of the provision in which the expression occurs.
Commissioner means the Commissioner of Taxation.
complying approved deposit fund has the meaning given by section 47 of the
Superannuation Industry (Supervision) Act 1993.
complying superannuation fund has the meaning given by section 45 of the
Superannuation Industry (Supervision) Act 1993.
contributed amounts has the meaning given by paragraph 8(2)(a).
defined benefits superannuation scheme means:

   (a)  a public sector superannuation scheme that:

        (i)    is a regulated superannuation fund or an exempt public sector
               superannuation scheme; and

        (ii)   has at least 1 defined benefit member; or

   (b)  a regulated superannuation fund (other than a public sector
        superannuation scheme):

        (i)    that has at least 1 defined benefit member; and

        (ii)   some or all of the contributions to which are not allocated to
               any individual member but are paid into and accumulated in a
               fund in the form of an aggregate amount.
defined benefit member means a member entitled, on retirement or termination
of his or her employment, to be paid a benefit defined, wholly or in part, by
reference to either or both of the following:

   (a)  the amount of:

        (i)    the member's salary at a particular date, being the date of the
               termination of the member's employment or of the member's
               retirement or an earlier date; or

        (ii)   the member's salary averaged over a period before retirement;

   (b)  a stated amount.
Deputy Commissioner means the Deputy Commissioner of Taxation.
determination means a determination of advance instalment.
eligible actuary means a Fellow or Accredited Member of the Institute of
Actuaries of Australia.
eligible termination payment has the same meaning as in Subdivision AA of
Division 2 of Part III of the Income Tax Assessment Act.
exempt public sector superannuation scheme has the same meaning as in section
10 of the Superannuation Industry (Supervision) Act 1993.
funded defined benefits superannuation scheme means a defined benefits
superannuation scheme that is not an unfunded defined benefits superannuation
scheme.
holder of surchargeable contributions of a member means:

   (a)  if the member is a member of an unfunded defined benefits
        superannuation scheme and there are no contributed amounts paid for or
        by the member-the relevant superannuation provider; or

   (b)  if there are any contributed amounts paid for or by the member that
        are held by a superannuation provider-that superannuation provider; or

   (c)  if there are any contributed amounts paid for or by the member:

        (i)    that have been paid to a person other than a superannuation
               provider; or

        (ii)   in respect of which a pension or annuity has begun to be paid;
               the person to whom the amounts were paid or the pension or
               annuity has begun to be paid, as the case may be.
Income Tax Assessment Act means the Income Tax Assessment Act 1936.
interest means interest payable under section 21 or 22.
late payment penalty means penalty payable under section 25.
life assurance company has the same meaning as in Division 8 of Part III of
the Income Tax Assessment Act.
member means a member of a superannuation fund or of an approved deposit fund
and includes:

   (a)  the holder of an RSA; and

   (b)  the purchaser of an annuity from a life assurance company or from a
        registered organisation.
notification date means:

   (a)  for the 1996-97 financial year-15 December 1997; or

   (b)  for a later financial year-31 October following the financial year.
notional surchargeable contributions factor, for amounts paid to a
superannuation (defined benefits) provider during a financial year, means the
factor applying to the member for that year as certified by an eligible
actuary according to Australian actuarial practice.
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 the Commonwealth, a law of a State or a law of a
        Territory; or

   (b)  under the authority of:

        (i)    the Commonwealth or 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 the
               Commonwealth, a law of a State or a law of a Territory.
registered organisation has the same meaning as in Division 8A of Part III of
the Income Tax Assessment Act.
regulated superannuation fund has the same meaning as in the
Superannuation Industry (Supervision) Act 1993.
RSA has the same meaning as in the Retirement Savings Accounts Act  1997 .
RSA provider has the same meaning as in the Retirement Savings  Accounts Act
1997 .
Second Commissioner means the Second Commissioner of Taxation.
specified roll-over amount means an amount that is a specified roll- over
amount for the purposes of Division 8 or 8A of Part III, or for the purposes
of Part IX, of the Income Tax Assessment Act.
superannuation (accumulated benefits) provider means a superannuation provider
that is not a superannuation (defined benefits) provider.
superannuation contributions surcharge or surcharge means the superannuation
contributions surcharge imposed by the Superannuation Contributions Tax
(Imposition) Act 1997.
superannuation (defined benefits) provider means a superannuation (funded
defined benefits) provider or a superannuation (unfunded defined benefits)
provider.
superannuation fund means:

   (a)  a fund that:

        (i)    is an indefinitely continuing fund; and

        (ii)   is a provident, benefit, superannuation or retirement fund; or

   (b)  a public sector superannuation scheme.
superannuation (funded defined benefits) provider means a superannuation
provider that is the trustee of a superannuation fund established for the
purposes of a funded defined benefits superannuation scheme.
superannuation provider means:

   (a)  the trustee of a superannuation fund or of an approved deposit fund;
        or

   (b)  an RSA provider; or

   (c)  a life assurance company; or

   (d)  a registered organisation.
superannuation (unfunded defined benefits) provider means a superannuation
provider that is the trustee of a superannuation fund established for the
purposes of a superannuation scheme that is an unfunded defined benefits
superannuation scheme.
surcharge (wherever occurring) means a tax.
surcharge threshold has the meaning given by section 9.
surchargeable contributions has the meaning given by section 8.
taxable income of a member for a year of income means the member's taxable
income of that year of income as assessed under the Income Tax  Assessment Act
.
the 1996-97 financial year means the financial year starting on 1 July 1996.
the 1997-98 financial year means the financial year starting on 1 July 1997.
the 1998-99 financial year means the financial year starting on 1 July 1998.
trustee, in relation to a superannuation fund, means:

   (a)  if there is a trustee (within the ordinary meaning of that expression)
        of the fund-the trustee; or

   (b)  otherwise-the person who manages the fund.
unfunded defined benefits superannuation scheme means a defined benefits
superannuation scheme under which all or some of the amounts that will be
required for the payment of benefits are not paid into the fund established
for the purposes of the scheme until the members become entitled to receive
the benefits.
year of income means a year of income for the purposes of the Income  Tax
Assessment Act as that Act applies to individuals.