TAX LAWS AMENDMENT (2010 MEASURES NO. 1) ACT 2010 (NO. 56, 2010) - SCHEDULE 1 Approved superannuation clearing house

TAX LAWS AMENDMENT (2010 MEASURES NO. 1) ACT 2010 (NO. 56, 2010) - SCHEDULE 1

Part 1 -- Main amendments

Retirement Savings Accounts Act 1997

1  After subsection 183(2)

Insert:

          (2A)  Subsection (2) does not apply if:

                     (a)  the employer pays to an approved clearing house (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) the amount of the deduction before the end of period mentioned in that subsection; and

                     (b)  the approved clearing house accepts the payment.

Superannuation Guarantee (Administration) Act 1992

2  Subsection 6(1)

Insert:

"approved clearing house" has the meaning given by subsection 79A(3).

3  After section 23A

Insert:

23B   Contributions through an approved clearing house

                   For the purposes of sections 23 and 23A:

                     (a)  treat an employer that, at a particular time, pays an amount to an approved clearing house for the benefit of an employee as having made a contribution of the same amount to a complying superannuation fund or an RSA for the benefit of the employee at that time, if the approved clearing house accepts the payment; and

                     (b)  disregard any contribution that the approved clearing house makes to a complying superannuation fund or an RSA as a result of the payment.

4  After subsection 32C(2A)

Insert:

Contributions through an approved clearing house

          (2B)  A contribution to a fund by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if:

                     (a)  section 79A (which is about a contribution through an approved clearing house) applies to the contribution; and

                     (b)  the employee gives the employer written notice to the effect that the employee wants a fund to be a chosen fund for the employee in accordance with Division 4 of Part 3A (Choosing a fund); and

Note:       Under section 32G (Limit on funds that may be chosen), the fund chosen by the employee must be an eligible choice fund and must be a fund to which the employer can make contributions.

                     (c)  the employer passes onto the approved clearing house mentioned in section 79A the information that the employee included in the written notice, and any other prescribed information:

                              (i)  within 21 days after the employee gives the notice to the employer; and

                             (ii)  before or at the time the contribution is made; and

                     (d)  the approved clearing house accepts the information.

5  After section 79

Insert:

79A   Approved clearing house

             (1)  This section applies if:

                     (a)  an employer pays an amount to an approved clearing house for the benefit of an employee; and

                     (b)  as a result, the approved clearing house makes a contribution to an RSA, a superannuation fund or a superannuation scheme for the benefit of the employee.

             (2)  To avoid doubt, the approved clearing house makes the contribution to the RSA, superannuation fund or superannuation scheme on behalf of the employer, as the employer's agent.

             (3)  Approved clearing house means a body specified in the regulations for the purposes of this subsection.

Superannuation Industry (Supervision) Act 1993

6  After subsection 64(2)

Insert:

          (2A)  Subsection (2) does not apply if:

                     (a)  the employer pays to an approved clearing house (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) the amount of the deduction before the end of the period mentioned in that subsection; and

                     (b)  the approved clearing house accepts the payment.

Part 2 -- Amendments conditional on the Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010

Income Tax Assessment Act 1936

7  After paragraph 16(4)(hba)

Insert:

                  (hbb)  an approved clearing house (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ), for the purposes of that body performing its functions in relation to superannuation contributions; or

Taxation Administration Act 1953

8  Subsection 355‑65(3) in Schedule 1 (at the end of the table)

Add:

Part 3 -- Application provision

9  Application provision

The amendments made by Part 1 of this Schedule apply to a payment made to an approved clearing house on or after the commencement of this item.