Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 97, 1987
Compilation No. 16
Compilation date: 14 October 2024
Includes amendments: Act No. 38, 2024
About this compilation
This compilation
This is a compilation of the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part I--Preliminary
1 Short title
2 Commencement
3 Interpretation
3A Crown to be bound
Part III--Functions of the Commissioner of Taxation
9 General administration of Act
Part IIIAA--Collection of superannuation (self managed superannuation funds) supervisory levy
15DAA Definitions
15DA Who is liable to pay levy
15DB When levy due for payment
15DF Remission of levy
15DH Exempting laws ineffective
Part IV--Miscellaneous
16 Review of certain decisions
17 Statements to accompany notification of decisions
22 Regulations
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
97, 1987 | 5 Nov 1987 | 21 Dec 1987 (see Gazette 1987, No. S347) |
| |
Taxation Laws Amendment Act (No. 4) 1987 | 138, 1987 | 18 Dec 1987 | s. 6 and Parts IV, V (ss. 63-88): (a) | -- |
Taxation Laws Amendment Act (No. 2) 1989 | 97, 1989 | 30 June 1989 | 30 June 1989 | -- |
105, 1989 | 30 June 1989 | s. 5(o): 18 Dec 1987 | -- | |
Occupational Superannuation (Reasonable Benefit Limits) Amendment Act 1990 | 61, 1990 | 16 June 1990 | -- | |
Taxation Laws Amendment Act (No. 5) 1990 | 135, 1990 | 28 Dec 1990 | Part 4 (ss. 34-36): 25 Jan 1991 (d) | -- |
55, 1991 | 24 Apr 1991 | 24 Apr 1991 | ss. 26-31 | |
Taxation Laws Amendment Act (No. 3) 1991 | 216, 1991 | 24 Dec 1991 | ss. 106, 108 and 109: Royal Assent (e) | -- |
Superannuation Guarantee (Consequential Amendments) Act 1992 | 92, 1992 | 30 June 1992 | 1 July 1992 | -- |
Taxation Laws Amendment Act (No. 3) 1992 | 98, 1992 | 30 June 1992 | ss. 32-36: 1 July 1992 | ss. 87(2), (3) and 88 (2), (3) |
208, 1992 | 22 Dec 1992 | ss. 1-3, 7-18, 34-46, 62, 63 and 72-93: Royal Assent | ss. 69(2), (3), 71, 73 and 76 | |
as amended by |
|
|
|
|
Superannuation Industry (Supervision) Consequential Amendments Act 1993 | 82, 1993 | 30 Nov 1993 | ss. 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1) and 52-64: 1 Dec 1993 | -- |
7, 1993 | 27 May 1993 | ss. 44-46 and 49-55: Royal Assent (f) | ss. 46, 48, 49 and 55 | |
84, 1993 | 30 Nov 1993 | (g) | ss. 16 and 23 | |
Taxation Laws Amendment Act (No. 3) 1993 | 118, 1993 | 24 Dec 1993 | Part 6 (ss. 121-124): Royal Assent (h) | ss. 122 and 124 |
Superannuation Laws Amendment (Small Accounts and Other Measures) Act 1995 | 53, 1995 | 23 June 1995 | 1 July 1995 | -- |
Superannuation Industry (Supervision) Legislation Amendment Act 1995 | 144, 1995 | 12 Dec 1995 | Schedule 3: (i) | -- |
Taxation Laws Amendment Act (No. 2) 1995 | 169, 1995 | 16 Dec 1995 | Schedule 2 (Part 3) and Schedule 5: Royal Assent (j) | Sch. 5 (items 9, 10) |
Workplace Relations and Other Legislation Amendment Act 1996 | 60, 1996 | 25 Nov 1996 | Schedule 19 (item 37): Royal Assent (k) | s. 2(2) and (6) (am. by 77, 1996, Sch. 3 [items 1, 2]) |
as amended by |
|
|
|
|
Workplace Relations and Other Legislation Amendment Act (No. 2) 1996 | 77, 1996 | 19 Dec 1996 | Schedule 3 (items 1, 2): (l) | -- |
Retirement Savings Accounts (Consequential Amendments) Act 1997 | 62, 1997 | 28 May 1997 | 2 June 1997 s 2 and gaz 1997, No. S202) | -- |
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 | 54, 1998 | 29 June 1998 | Sch 18 (items 5-35): 1 July 1998 (gaz 1998, No. S316) (m) | -- |
Taxation Laws Amendment Act (No. 3) 1999 | 11, 1999 | 31 Mar 1999 | Sch1 (items 342, 343): 1 July 1999 (s 2(3)) |  |
as amended by |
|
|
|
|
Taxation Laws Amendment Act (No. 3) 2003 | 101, 2003 | 14 Oct 2003 | Sch 6 (item 38): 1 July 1999 (s 2(1) item 33) | -- |
121, 1999 | 8 Oct 1999 | Sch 2 (items 13-37, 42(1)): 8 Oct 1999 (s 2(1)) | Sch. 2 (item 42(1)) | |
as amended by |
|
|
|
|
Taxation Laws Amendment Act (No. 3) 2003 | 101, 2003 | 14 Oct 2003 | Sch 6 (item 31): 8 Oct 1999 (s 2(1) item 27) | -- |
9, 2007 | 15 Mar 2007 | Sch 5 (items 24-30): Royal Assent | -- | |
Superannuation Legislation Amendment (Simplification) Act 2007 | 15, 2007 | 15 Mar 2007 | Schedule3 (items 55-57): Royal Assent | Sch 3 (item 57) |
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 | 154, 2007 | 24 Sept 2007 | Sch 3 (item 13): Royal Assent | -- |
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010 | 145, 2010 | 16 Dec 2010 | Sch 2 (item 86): 17 Dec 2010 | -- |
Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Act 2013 | 55, 2013 | 28 May 2013 | Sch 1 (items 4-10): 1 July 2013 | Sch1 (items 9, 10) |
59, 2015 | 26 May 2015 | Sch 2 (items 340, 341): 1 July 2016 (s 2(1) item 5) | Sch 2 (items 356-396) | |
as amended by |
|
|
|
|
33, 2016 | 23 Mar 2016 | Sch 2 (items 1-3): 24 Mar 2016 (s 2(1) item 2) | -- | |
60, 2015 | 26 May 2015 | Sch 8 (item 43) and Sch 9 (items 1-16): 1 July 2015 (s 2(1) items 19, 22) | Sch 9 (items 1-16) | |
Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024 | 38, 2024 | 31 May 2024 | Sch 1 (items 47, 72): 14 Oct 2024 (s 2(1) item 2) | -- |
(a) Subsection 2(2) of the Taxation Laws Amendment Act (No. 4) 1987 provides as follows:
(2) Section 6 and Parts IV and V shall come into operation immediately after the commencement of the Occupational Superannuation Standards Act 1987.
The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 came into operation on 21 December 1987 (see Gazette 1987, No. S347).
(b) Subsection 2(1) of the Taxation Laws Amendment (Superannuation) Act 1989 provides as follows:
(1) Subject to this section, this Act commences, or shall be taken to have commenced, as the case requires, immediately after the commencement of the Taxation Laws Amendment Act (No. 2) 1989.
The Taxation Laws Amendment Act (No. 2) 1989 came into operation on 30 June 1989.
(c) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 3-12 only of the Occupational Superannuation (Reasonable Benefit Limits) Amendment Act 1990, subsections 2(2) and (4) of which provide as follows:
(2) Section 7 is taken to have commenced on 30 June 1989.
(4) The remaining provisions of this Act commence on 1 July 1990.
(d) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Part 4 (sections 34-36) only of the Taxation Laws Amendment Act (No. 5) 1990, subsection 2(2) of which provides as follows:
(2) Part 4 commences on the 28th day after the day on which this Act receives the Royal Assent.
(e) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 106-109 only of the Taxation Laws Amendment Act (No. 3) 1991 , subsections 2(1) and (8) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(8) If section 107 does not commence under subsection (7) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.
(f) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 44-55 only of the Taxation Laws Amendment (Superannuation) Act 1993, subsections 2(1) and (4) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(4) Sections 47 and 48 commence on a day to be fixed by Proclamation.
(g) Subsections 2(1) and (2) of the Occupational Superannuation Standards Amendment Act 1993 provide as follows:
(1) Parts 1 and 2 commence immediately after the commencement of the amendments made by Division 2 of Part 3 of the Taxation Laws Amendment (Superannuation) Act 1992 .
(2) Parts 3 and 4 commence immediately after the commencement of the amendments made by Part 2.
Division 2 of Part 3 commenced on 1 July 1994.
(h) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Part 6 (sections 121-124) only of the Taxation Laws Amendment Act (No. 3) 1993, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(i) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 3 only of the Superannuation Industry (Supervision) Legislation Amendment Act 1995, subsection 2(2) of which provides as follows:
(2) Subsection 4(3), Schedule 3 and items 3, 4, 8, 9, 14 to 21, 76, 82 and 85 of Schedule 4 commence:
(a) on the day on which this Act receives the Royal Assent; or
(b) immediately after the beginning of the day on which the Taxation Laws Amendment Act (No. 2) 1995 receives the Royal Assent;
whichever is the later to occur of those times.
The Taxation Laws Amendment Act (No. 2) 1995 received the Royal Assent on 16 December 1995.
(j) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 2 (Part 3) and Schedule 5 only of the Taxation Laws Amendment Act (No. 2) 1995, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(k) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 19 (item 37) only of the Workplace Relations and Other Legislation Amendment Act 1996, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(l) The Workplace Relations and Other Legislation Amendment Act 1996 was amended by Schedule 3 (items 1 and 2) only of the Workplace Relations and Other Legislation Amendment Act (No. 2) 1996, subsection 2(4) of which provides as follows:
(4) The items of Schedule 3 are taken to have commenced immediately after the Workplace Relations and Other Legislation Amendment Act 1996 received the Royal Assent.
The Workplace Relations and Other Legislation Amendment Act 1996 received the Royal Assent on 19 December 1996.
(m) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 18 (items 5-35) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 , subsection 2(2)(p) of which provides as follows:
(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:
(p) Schedule 18, other than the items amending the Australian Prudential Regulation Authority Act 1998.
Provision affected | How affected |
Title.................... | am No 97, 1989; No 84, 1993; No 62, 1997; No 54, 1998 |
Part I |
|
s 1..................... | am No 84, 1993; No 54, 1998; No 121, 1999 |
s 3..................... | am No 138, 1987; Nos 97 and 105, 1989; No 61, 1990; No 55, 1991; Nos 92 and 208, 1992; Nos 7, 84 and 118, 1993; No 53, 1995; No 60, 1996 (md not incorp); No 62, 1997; No 54, 1998; No 121, 1999 |
s 3A.................... | ad No 97, 1989 |
| am No 55, 1991; No 59, 2015 |
s 4..................... | am No 138, 1987; No 97, 1989 |
| rep No 84, 1993 |
s 5..................... | am No 138, 1987 |
| rep No 84, 1993 |
s 6..................... | am No 138, 1987 |
| rep No 84, 1993 |
s 6A.................... | ad No 97, 1989 |
| rep No 84, 1993 |
Part II heading............. | am No 97, 1989 |
| rep No 84, 1993 |
Part II................... | rep No 84, 1993 |
s 7..................... | am No 138, 1987; Nos 97 and 105, 1989; No 61, 1990; No 208, 1992 |
| rep No 84, 1993 |
s 8..................... | am No 138, 1987; Nos 97 and 105, 1989; No 61, 1990 |
| rep No 84, 1993 |
s 8A.................... | ad No 97, 1989 |
| am No 105, 1989 |
| rep No 84, 1993 |
Part III |
|
Part III heading............. | rs No 54, 1998; No 121, 1999 |
s 9..................... | am No 54, 1998; No 121, 1999; No 145, 2010 |
Part IIIAAA............... | ad No 62, 1997 |
| rep No 54, 1998 |
s 10.................... | am No 138, 1987; No 97, 1989; No 92, 1992 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 11.................... | am No 138, 1987; No 97, 1989 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 12.................... | am No 138, 1987; No 55, 1991; No 92, 1992; No 7, 1993 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 12A................... | ad No 7, 1993 |
| rep No 84, 1993 |
s 13.................... | am No 55, 1991 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 14.................... | am No 138, 1987; No 55, 1991 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 15.................... | am No 55, 1991 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 15A................... | ad No 138, 1987 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 15B, 15C................ | ad No 97, 1989 |
| am No 55, 1991 |
| rep No 84, 1993 |
| ad No 62, 1997 |
| rep No 54, 1998 |
s 15CA.................. | ad No 55, 1991 |
| rep No 84, 1993 |
s 15D................... | ad No 105, 1989 |
| am No 61, 1990; No 216, 1991 |
| rep No 84, 1993 |
Part IIIAA |
|
Part IIIAA heading.......... | rs No 54, 1998; No 121, 1999 |
| am No 55, 2013 |
Part IIIAA................ | ad No 55, 1991 |
s 15DAA................. | ad No 84, 1993 |
| am Nos 144 and 169, 1995; No 54, 1998; No 121, 1999; No 9, 2007; No 55, 2013 |
s 15DA.................. | ad No 55, 1991 |
| rs No 84, 1993 |
| am No 54, 1998; No 121, 1999; No 154, 2007 |
| rs No 55, 2013 |
s 15DB.................. | ad No 55, 1991 |
| rs No 169, 1995 |
| am No 54, 1998; No 121, 1999; No 55, 2013 |
s 15DC.................. | ad No 55, 1991 |
| am No 169, 1995; No 121, 1999 |
| rs No 9, 2007 |
s 15DD.................. | ad No 55, 1991 |
| rs No 9, 2007 |
| rep No 15, 2007 |
s 15DE.................. | ad No 55, 1991 |
| am No 54, 1998; No 121, 1999; No 9, 2007 |
| rep No 15, 2007 |
| rep No 15, 2007 |
s 15DF.................. | ad No 55, 1991 |
| am No 169, 1995; No 54, 1998; No 121, 1999 |
| rs No 9, 2007 |
s 15DG.................. | ad No 55, 1991 |
| am No 54, 1998 |
| rep No 11, 1999 |
s 15DH.................. | ad No 55, 1991 |
Part IIIAB................ | ad No 84, 1993 |
| rep No 54, 1998 |
s 15DI-15DS.............. | ad No 84, 1993 |
| rep No 54, 1998 |
Part IIIAC................ | ad No 84, 1993 |
| rep No 53, 1995 |
s 15DT-15DZ............. | ad No 84, 1993 |
| rep No 53, 1995 |
s15DZA, 15DZB............ | ad No 84, 1993 |
| rep No 53, 1995 |
Part IIIA................. | ad No 61, 1990 |
| rep No 208, 1992 |
s 15E................... | ad No 61, 1990 |
| am No 135, 1990; No 216, 1991 |
| rep No 208, 1992 |
s 15F................... | ad No 61, 1990 |
| am No 55, 1991 |
| rep No 208, 1992 |
s 15G................... | ad No 61, 1990 |
| am No 55, 1991; No 7, 1993 |
| rep No 208, 1992 |
s 15H................... | ad No 61, 1990 |
| am No 135, 1990 |
| rep No 208, 1992 |
s 15J-15L................ | ad No 61, 1990 |
| rep No 208, 1992 |
s 15M, 15N............... | ad. No. 61, 1990 |
| am No 98, 1992 |
| rep No 208, 1992 |
s 15P................... | ad No 61, 1990 |
| rep No 208, 1992 |
s 15Q................... | ad No 61, 1990 |
| am No 55, 1991; No 98, 1992 |
| rep No 208, 1992 |
s 15R................... | ad No 61, 1990 |
| rep No 208, 1992 |
s 15S................... | ad No 61, 1990 |
| am No 216, 1991 |
| rep No 208, 1992 |
s 15T-15V................ | ad No 61, 1990 |
| rep No 208, 1992 |
Part IV |
|
s 16.................... | am No 97, 1989; No 105, 1989; No 61, 1990; No 55, 1991; No 98, 1992; No 208, 1992; No 7, 1993; No 84, 1993; No 62, 1997; No 54, 1998; No 121, 1999; No 60, 2015; No 38, 2024 |
s 17.................... | am No 97, 1989; No 61, 1990; No 208, 1992; No 84, 1993; No 62, 1997; No 54, 1998; No 121, 1999; No 38, 2024 |
s 18.................... | am No 138, 1987; No 92, 1992; No 7, 1993 |
| rep No 84, 1993 |
s 18A................... | ad No 98, 1992 |
| rep No 84, 1993 |
s 19.................... | am No 97, 1989; No 61, 1990 |
| rep No 84, 1993 |
s 20.................... | am No 138, 1987; No 84, 1993 |
| rep No 54, 1998 |
s 21.................... | am No 138, 1987 |
| rep No 84, 1993 |
| ad No 169, 1995 |
| rep No 54, 1998 |
s 22.................... | am No 61, 1990; No 55, 1991; No 208, 1992; No 84, 1993; No 53, 1995; No 62, 1997; No 54, 1998; No 121, 1999 |