Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Section 290 - 70 (heading)
Repeal the heading, substitute:
290 - 70 Employment activity conditions
2 Before paragraph 290 - 70(a)
Insert:
(aa) your employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ); or
3 Subsection 290 - 90(4)
Omit "either".
4 Before paragraph 290 - 90(4)(a)
Insert:
(aa) an employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ) of the other person's employer; or
5 At the end of section 295 - 385
Add:
(6) However, assets of a * complying superannuation fund that are supporting a * superannuation income stream benefit that is prescribed by the regulations for the purposes of this section are not segregated current pension assets to the extent that the * market value of the assets exceeds the account balance supporting the benefit.
6 At the end of subsection 295 - 485(1)
Add:
Note: Paragraph (1)(b) has effect as if the reference to amounts included in assessable income under Subdivision 295 - C included a reference to amounts included in assessable income under former section 274 of the Income Tax Assessment Act 1936 : see section 295 - 485 of the Income Tax (Transitional Provisions) Act 1997 .
7 Section 295 - 615
Before "An individual", insert "(1)".
8 At the end of section 295 - 615
Add:
(2) An individual is taken to have quoted (for superannuation purposes) a * tax file number to an entity at a time if the Commissioner gives notice of the individual's tax file number to the entity at that time.
9 Paragraph 307 - 5(3)(c)
Omit "the later of", substitute "the latest of the following".
10 Subparagraph 307 - 5(3)(c)(i)
Omit "or".
11 Subparagraph 307 - 5(3)(c)(ii)
Omit "estate.", substitute "estate;".
12 At the end of paragraph 307 - 5(3)(c)
Add:
(iii) if the payment of the benefit is delayed because of legal action about entitlement to the benefit--6 months after the legal action ceases;
(iv) if the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit--6 months after that process is completed; and
13 At the end of subsection 307 - 5(3)
Add:
(d) the Commissioner has not made a decision about the benefit under subsection (3A).
14 After subsection 307 - 5(3)
Insert:
(3A) For the purposes of paragraph (3)(d), the Commissioner may make a decision in writing that the superannuation benefit is not a superannuation member benefit under subsection (3), if:
(a) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of legal action about entitlement to the benefit;
(ii) the benefit is paid more than 6 months after the legal action ceases; or
(b) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit;
(ii) the benefit is paid more than 6 months after that process is completed.
(3B) In making a decision under subsection (3A), the Commissioner must have regard to the following matters:
(a) whether there was any action taken to try to pay the benefit within the 6 months after the cessation of the legal action or the completion of the process, and if so, the nature of that action;
(b) whether there were any factors beyond the control of the entity that paid the benefit, or of the person to whom the benefit was paid, that prevented the payment of the benefit within those 6 months;
(c) the circumstances of the person to whom the benefit was paid, and the actions of that person in relation to the benefit.
15 Subsection 307 - 290(1) (note)
Repeal the note, substitute:
Note 1: Those sections allow deductions for insurance premiums that have been paid, and for liability for future benefits.
Note 2: Deductions made under former section 279 or 279B of the Income Tax Assessment Act 1936 are treated for the purposes of this section as having been made under section 295 - 465 or 295 - 470 (see section 307 - 290 of the Income Tax (Transitional Provisions) Act 1997 ).
16 Subsection 995 - 1(1) (definition of non - complying superannuation fund )
Repeal the definition, substitute:
"non-complying superannuation fund" means a * superannuation fund that:
(a) is a fund; and
(b) is not a * complying superannuation fund.
Income Tax (Former Non - resident Superannuation Funds) Act 1994
17 At the end of section 3
Add "of that Act".
Income Tax (Transitional Provisions) Act 1997
18 After section 295 - 465
Insert:
295 - 485 Deductions for increased amount of superannuation lump sum death benefit
Paragraph 295 - 485(1)(b) of the Income Tax Assessment Act 1997 has effect as if the reference in that paragraph to amounts included in assessable income under Subdivision 295 - C of that Act included a reference to amounts included in assessable income under former section 274 (taxable contributions) of the Income Tax Assessment Act 1936 .
19 Paragraph 307 - 125(4)(b)
Omit "under subsection (6)", substitute "under subsections (6) and (6A)".
20 Paragraph 307 - 125(6)(b)
Omit "within the meaning of section 27A", substitute "within the meaning of paragraph (a) of the definition of that term in subsection 27A(1)".
21 Paragraph 307 - 125(6)(b)
After "of this section", insert ", and disregarding paragraphs (b) and (c) of that definition".
22 Paragraph 307 - 125(6)(b)
Omit "stream", substitute "stream, reduced by the tax free components (worked out under subsection (2)) of any benefits paid from the superannuation income stream after 30 June 2007".
23 Paragraph 307 - 125(6)(c)
Omit "However, treat this amount as nil for the purposes of this paragraph if at least one superannuation income stream benefit was paid from the superannuation income stream before 1 July 1994.".
24 After subsection 307 - 125(6)
Insert:
(6A) Despite subsection (6), if:
(a) at least one superannuation income stream benefit was paid from the superannuation income stream before 1 July 1994; or
(b) section 27AAAA of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007) applied to the superannuation income stream just before 1 July 2007;
for the purposes of paragraph (4)(b), the tax free component is equal to the amount worked out under paragraph (6)(b).
25 After section 307 - 125
Insert:
307 - 290 Taxed and untaxed elements of death benefit superannuation lump sums
For the purposes of section 307 - 290 of the Income Tax Assessment Act 1997 :
(a) treat a deduction made under former section 279 of the Income Tax Assessment Act 1936 as having been made under section 295 - 465 of the Income Tax Assessment Act 1997 instead; and
(b) treat a deduction made under former section 279B of the Income Tax Assessment Act 1936 as having been made under section 295 - 470 of the Income Tax Assessment Act 1997 instead.
Retirement Savings Accounts Act 1997
26 After section 140
Insert:
140A Holder taken to have quoted where Commissioner gives notice
(1) A holder, or a person applying to become a holder, of an RSA is taken to have quoted his or her tax file number to an RSA provider in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if the Commissioner of Taxation gives to the provider notice of the person's tax file number.
(2) The holder or applicant is taken to have quoted that tax file number at the time when the Commissioner of Taxation gave the notice.
Superannuation Industry (Supervision) Act 1993
27 After section 299S
Insert:
299SA Beneficiary taken to have quoted where Commissioner gives notice
(1) A beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme is taken to have quoted his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if the Commissioner of Taxation gives to the trustee notice of the person's tax file number.
(2) The beneficiary or applicant is taken to have quoted that tax file number at the time when the Commissioner of Taxation gave the notice.
Superannuation Legislation Amendment (Simplification) Act 2007
28 Item 12 of Schedule 2
Repeal the item, substitute:
12 Application
(1) The amendments made by items 1 to 9 of this Schedule apply to:
(a) individuals who:
(i) make the choice referred to in subsection 152 - 305(1) of the Income Tax Assessment Act 1997 ; or
(ii) receive capital proceeds from a CGT event; and
(b) companies or trusts that make a payment referred to in section 152 - 325 of the Income Tax Assessment Act 1997 ;
after 30 June 2007, regardless of when the relevant CGT event happened.
(2) The amendments made by items 10 and 11 of this Schedule apply to CGT events happening in the 2006 - 07 income year and later income years.
Taxation Administration Act 1953
29 After subsection 45 - 325(1)
Insert:
Notional tax if you have no - TFN contributions income
(1A) In working out the notional tax of a * complying superannuation fund, * non - complying superannuation fund or * RSA provider for the * base year, assume that the entity had no * no - TFN contributions income for the base year and that the entity was not entitled to a * tax offset for the base year under Subdivision 295 - J of the Income Tax Assessment Act 1997 .
30 After subsection 45 - 365(1)
Insert:
Benchmark tax if you have no - TFN contributions income
(1A) In working out the benchmark tax of a * complying superannuation fund, * non - complying superannuation fund or * RSA provider for the variation year, assume that the entity had no * no - TFN contributions income for the variation year and that the entity was not entitled to a * tax offset for the variation year under Subdivision 295 - J of the Income Tax Assessment Act 1997 .
Part 2 -- Technical corrections
Income Tax Assessment Act 1997
31 Section 9 - 1 (table item 9)
Omit "section 94J", substitute " section 94J ".
32 Section 9 - 1 (table item 10, column headed "because of this provision:")
Omit "section 121", substitute " section 121 ".
33 Section 9 - 1 (table item 11)
Omit "sections 98, 99, 99A and 102", substitute " sections 98, 99, 99A and 102 ".
34 Subsection 9 - 5(1) (table item 5)
Omit "section 23AF or 23AG", substitute " section 23AF or 23AG ".
35 Subsection 9 - 5(1) (table item 6)
Omit "sections 98, 99 and 99A", substitute " sections 98, 99 and 99A ".
36 Subsection 9 - 5(1) (table item 7)
Omit "section 102K", substitute " section 102K ".
37 Subsection 9 - 5(1) (table item 8)
Omit "section 102S", substitute " section 102S ".
38 Subsection 9 - 5(1) (table item 9)
Omit "section 121H", substitute " section 121H ".
39 Subsection 9 - 5(1) (table item 10)
Omit "section 148", substitute " section 148 ".
40 Section 12 - 5 (table item headed "interest")
Omit " 26 - 85 ", substitute "26 - 85".
41 Section 12 - 5 (table item headed "interest")
Omit " 26 - 80 ", substitute "26 - 80".
42 Section 20 - 5 (table item 8)
Omit " 290 - 100 ", substitute "290 - 100".
43 Subsection 295 - 390(3) (definition of average value of superannuation liabilities )
Omit " * superannuation income stream benefits", substitute " * superannuation benefits".
44 Subsection 295 - 485(3)
Insert:
"low tax component rate" is the rate of tax imposed on the * low tax component of the fund's taxable income for the income year.
45 Subsection 295 - 485(3) (definition of low tax component tax rate )
Repeal the definition.
46 Subsection 995 - 1(1) (definition of index number )
Repeal the definition, substitute:
"index number" :
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960 - 265-- index number has the meaning given by section 960 - 285; or
(b) for an amount mentioned in a provision listed at another item in section 960 - 265-- index number has the meaning given by section 960 - 280.
Taxation Administration Act 1953
47 Subsection 16 - 165(1)
Omit " payee ", substitute " payer ".
48 Application
(1) The amendments made by this Schedule apply to the 2007 - 2008 income year and later years.
(2) Despite subitem (1), the amendments made by items 9 to 16, and 19 to 25, of this Schedule apply on and after 1 July 2007.
(3) Despite subitem (1), the amendments made by items 7, 8, 26 and 27 of this Schedule apply to notices given by the Commissioner on or after 1 June 2007.
(4) Despite subitem (1), the amendment made by item 29 of this Schedule applies in relation to an entity's 2007 - 2008 base year and later base years.
(5) Despite subitem (1), the amendment made by item 30 of this Schedule applies in relation to an entity's 2007 - 2008 variation year and later variation years.