Commonwealth Numbered Acts Commonwealth Numbered ActsPart 1 -- Employer productivity contributions
1 Paragraph 110H(1)(b)
Omit "subsection (2)", substitute "subsection (2A)".
2 Paragraph 110H(2)(b)
Repeal the paragraph, substitute:
(b) if paragraph (a) does not apply:
(i) the productivity contribution is required to be paid in respect of the employee by an industrial award; or
(ii) a basic contribution would be payable by the employee for the fortnight if the employee's tax file number had been quoted (for superannuation purposes), within the meaning of the Income Tax Assessment Act 1997 , to the Board.
3 After subsection 110H(2A)
Insert:
(2B) If subparagraph (2)(b)(ii) applies, the productivity contribution in respect of the employee for the fortnight is payable on the contribution day on which the basic contribution would have been payable if the employee's tax file number had been quoted (for superannuation purposes), within the meaning of the Income Tax Assessment Act 1997 , to the Board.
4 Application
The amendments made by items 2 and 3 of this Schedule apply in relation to the fortnight beginning on the first contribution day on or after the day the amendments commence, and each later fortnight.
Part 2 -- Release authority payments
5 Subsection 3(1) (definition of benefit )
Repeal the definition, substitute:
"benefit" means pension or other benefit payable under this Act, but does not include a payment made out of the Fund that is required to be made under:
(a) a release authority given to the Board under section 292‑ 410 of the Income Tax Assessment Act 1997 ; or
(b) a transitional release authority given to the Board under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 .
6 Section 110SN
Before "The amount", insert "(1)".
7 At the end of section 110SN
Add:
(2) The amount of the benefit payable in respect of a person under this Part is reduced by the sum of the following amounts:
(a) any amount paid out of the Fund in accordance with:
(i) a release authority given to the Board under section 292‑ 410 of the Income Tax Assessment Act 1997 that relates to the superannuation interest (within the meaning of that Act) constituted by the amount paid into the Fund in respect of the person under section 110SL of this Act; or
(ii) a transitional release authority given to the Board under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 that relates to that superannuation interest;
(b) the amount of any interest that would have been earned on an amount mentioned in paragraph (a), in respect of the period since the amount was paid out of the Fund, if it had not been paid out of the Fund.
Note: Payments made out of the Fund that are required to be made under a release authority or transitional release authority are not benefits : see the definition of benefit in subsection 3(1).
8 Subsection 130D(1)
Omit "subsection (2)", substitute "subsections (2) and (3)".
9 At the end of section 130D
Add:
(3) The amount of the benefit payable in respect of a person under this Subdivision is reduced by the sum of the following amounts:
(a) any amount paid out of the Fund in accordance with:
(i) a release authority given to the Board under section 292‑ 410 of the Income Tax Assessment Act 1997 that relates to the superannuation interest (within the meaning of that Act) constituted by the amount paid into the Fund in respect of the person under section 130B of this Act; or
(ii) a transitional release authority given to the Board under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 that relates to that superannuation interest;
(b) the amount of any interest that would have been earned on an amount mentioned in paragraph (a), in respect of the period since the amount was paid out of the Fund, if it had not been paid out of the Fund.
Note: Payments made out of the Fund that are required to be made under a release authority or transitional release authority are not benefits : see the definition of benefit in subsection 3(1).
10 Application
(1) The amendments made by this Part apply in relation to benefits that are payable to a person on or after the day the amendments commence.
(2) For the purposes of that application, the amendments apply in relation to a release authority (under section 292‑ 410 of the Income Tax Assessment Act 1997 ), or a transitional release authority (under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 ), no matter when the authority is given to the Board.
Part 3 -- Roll‑over superannuation benefits
11 Section 130A
Repeal the section, substitute:
In this Subdivision:
"transferred amount" , in relation to a person, means an amount, other than an amount that is elected to be paid to the Board as mentioned in paragraph 128(1)(b), that is:
(a) an amount that would, if paid into the Fund in respect of the person, be a roll‑over superannuation benefit within the meaning of the Income Tax Assessment Act 1997 ; or
(b) an amount paid to or in respect of the person in accordance with the Superannuation Guarantee (Administration) Act 1992 on the cessation of his or her employment; or
(c) an amount payable in respect of the person under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 ; or
(d) an amount that would, if paid into the Fund in respect of the person, be a directed termination payment within the meaning of section 82‑10F of the Income Tax (Transitional Provisions) Act 1997 .
12 Application
The amendment made by item 11 of this Schedule applies, for the purposes of section 130B of the Superannuation Act 1976 , in relation to an amount received by an eligible employee (whether before or after becoming an eligible employee) on or after 1 July 2007.