Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (NO. 3) 1999 NO. 121, 1999 - SCHEDULE 2

Australian Prudential Regulation Authority Act 1998

1 Subsection 56(1) (definition of protected document )

: (d) a document containing information that has already been lawfully made available to the public from other sources; or

(e)

a document given or produced under, or for the purposes of, a provision of the Superannuation Industry (Supervision) Act 1993 :

(i)

administered by the Commissioner of Taxation; or

(ii)

being applied for the purposes of the administration of a provision administered by the Commissioner of Taxation.

2 Subsection 56(1) (definition of protected information)

: (d) information that has already been lawfully made available to the public from other sources; or

(e)

information given or produced under, or for the purposes of, a provision of the Superannuation Industry (Supervision) Act 1993 :

(i)

administered by the Commissioner of Taxation; or

(ii)

being applied for the purposes of the administration of a provision administered by the Commissioner of Taxation.

Financial Institutions Supervisory Levies Collection Act 1998

3 Section 7 (paragraph (b) of the definition of superannuation entity )

4 At the end of section 11

Note: Levy and late payment penalty may be payable to the Commissioner of Taxation because of section 252G of the Superannuation Industry (Supervision) Act 1993 .

Income Tax Assessment Act 1936

5 Subsection 160ZZPIA(5) (paragraph (a) of the definition of qualifying superannuation fund )

6 At the end of section 161

(3)

Nothing in this section prevents an approval by the Commissioner of a form of return under section 36A of the Superannuation Industry

(Supervision)

Act 1993 from requiring or permitting a return under that section to be attached to, or physically to form part of, a return under this section.

Note: However, the rules applicable to a return under section 36A of the Superannuation Industry (Supervision) Act 1993 are those specified in that Act.

Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991

7 Section 1

8 Section 4

9 Section 5

10 Paragraphs 6(1)(a) and (b)

(a)

an amount (not exceeding $200) specified in regulations for the purposes of this subsection; and

(b)

if the return is not lodged by the date specified in the regulations in respect of a year of income—the late lodgment amount which the trustee is liable to pay under subsection 6(2) in relation to that return.

11 Subsections 6(2), (3), (4) and (5)

Late lodgment amount

(2)

The late lodgment amount in relation to a return is the amount (not exceeding $25) specified in regulations for the purposes of this subsection, in respect of:

(a)

the calendar month beginning on the day after the day on which the return was required to be lodged; and

(b)

each subsequent calendar month beginning before the day on which the return is lodged.

12 Subsections 7(2) and (3)

Superannuation (Excluded Funds) Taxation Act 1987

13 Section 1

14 Section 3 (definition of APRA )

15 Section 3 (definition of reviewable decision )

16 Section 3 (definition of unit trust )

17 Part III (heading)

Part III—Functions of the Commissioner of Taxation

18 Section 9

19 Part IIIAA (heading)

Part IIIAA—Collection of superannuation (self managed funds) levy

20 Section 15DAA (definition of basic levy amount )

21 Section 15DAA (definition of excluded superannuation fund )

22 Section 15DAA (definition of levy )

23 Section 15DAA (definition of minimum basic levy amount )

24 Section 15DAA

self managed superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993 .

25 Section 15DA

26 Section 15DA

27 Subsection 15DB(1)

28 After subsection 15DB(1)

(1A)

Without limiting subsection (1), the regulations may provide that levy is due and payable on a day specified in a written notice given to the person by the Commissioner of Taxation.

29 Subsection 15DC(1)

30 Subsections 15DC(2) and (3)

Maximum amount of penalty

(2)

The amount for a calendar month must not exceed $25.

31 Section 15DE

32 At the end of section 15DE

Note: Levy and late payment penalty may be payable to APRA because of section 252G of the Superannuation Industry (Supervision) Act 1993 .

33 Section 15DF

34 Section 15DG

35 Section 16

Note 1: The heading to subsection 16(3) is altered by omitting " APRA " and substituting " the Commissioner of Taxation ".

Note 2: The heading to subsection 16(8) is altered by omitting " Commissioner's ".

36 Section 17

37 Subsection 22(2)

Superannuation (Resolution of Complaints) Act 1993

38 Subsection 3(2) (note 2 at the end of the definition of trustee )

39 Section 5

40 Section 5 (note)

Superannuation Supervisory Levy Imposition Act 1998

41 Section 5 (paragraph (b) of the definition of superannuation entity )

42 Application provisions

(1) The Superannuation (Excluded Funds) Taxation Act 1987 continues to apply to the lodgment of a return in respect of the 1998-99 year of income as if the repeals and amendments of provisions of that Act made by this Schedule had not happened.
(2) The amendments of the Financial Institutions Supervisory Levies Collection Act 1998 made by this Schedule apply to an entity in respect of the financial year beginning on 1 July 2000 and subsequent financial years.
(3) Until 1 April 2000, the Superannuation (Resolution of Complaints) Act 1993 continues to apply to a fund that was an excluded fund immediately before the later of:

(a)

1 July 1999; and

(b)

the day on which this Act received the Royal Assent;

[ Minister's second reading speech made in—
House of Representatives on 31 March 1999
Senate on 25 May 1999 ]
(71/99)