SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 NO. 186, 1997

- TABLE OF PROVISIONS

1.    Short title
2.    Commencement
3.    Schedule(s)
SCHEDULE 1 -- Amendment of the Superannuation Contributions Tax Imposition Act  SECT 1997 

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 No. 186, 1997
- LONG TITLE
An Act to amend the Superannuation Contributions Tax Imposition Act 1997, and for related purposes

The Parliament of Australia enacts:

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 No. 186, 1997 -  SECT 1 Short title
This Act may be cited as the Superannuation Contributions Tax Imposition Amendment Act 1997.

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 No. 186, 1997 -  SECT 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.

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 No. 186, 1997 -  SECT 3 Schedule(s)
        Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 NO. 186, 1997
- SCHEDULE 1 --Amendment of the Superannuation Contributions Tax Imposition Act
 SECT 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:
    (c)    to an address determined by the Commissioner as most appropriate for
the letter to reach the member; and
    (d)    in the same terms as the earlier letter.

$A
SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 NO. 186, 1997
- NOTES
Compilation Information

Superannuation Contributions Tax Imposition Amendment Act 1997 No.
186 of 1997

[Assented to 7 December 1997]

 [Minister's second reading speech made in
House of Representatives on 2 October 1997
Senate on 22 October 1997]
(184/97)