Compilation #17 | Effective 2025-02-21
FRBR Work URI: /akn/au/act/1987/97
This Act may be cited as the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.
This Act shall come into operation on a day to be fixed by Proclamation.
In this Act:
fund or unit trust affected by a reviewable decision means the fund or unit trust in relation to which the decision was made.
reviewable decision means a decision of the Commissioner of Taxation under section 15DF.
trustee, in relation to a fund or trust, has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
year of income means a period that is, for the purposes of the Tax Act, the year of income of the fund or unit trust that commenced on 1 July 1986 or a subsequent year of income.
This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.
Nothing in this Act renders the Crown in right of the Commonwealth, of a State, of the Australian Capital Territory or of the Northern Territory liable to be prosecuted for an offence.
Subject to any directions of the Minister, the Commissioner of Taxation shall have the general administration of this Act.
Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Taxation Administration Act 1953.Division 355 in Schedule 1 to the
In this Part:
general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.
levy means the levy imposed by the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991.
self managed superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.
superannuation entity has the meaning given by the Superannuation Industry (Supervision) Act 1993.
An entity is liable to pay a levy for a year of income in respect of a superannuation entity if:
the superannuation entity is a self managed superannuation fund at any time during the year of income; and
on the day on which the levy becomes due and payable (see section 15DB), the entity is a trustee of the superannuation entity.
If, on that day, there is more than one trustee of the superannuation entity, those trustees are jointly and severally liable to pay the levy for that year of income in respect of the superannuation entity.
Levy payable for a year of income in respect of a superannuation entity is due and payable on the day specified in the regulations for the purposes of this subsection.
Without limiting subsection (1), the regulations may provide that levy is due and payable on a day specified in a written notice given to a trustee of the superannuation entity by the Commissioner of Taxation.
The specified day must not be earlier than 21 days after the day on which the notice is given.
If an amount of levy payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
starts at the beginning of the day on which the amount of levy was due to be paid; and
ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
an amount of levy;
general interest charge on an amount of levy.
Note: The general interest charge is worked out under Taxation Administration Act 1953.Part IIA of the
The Commissioner of Taxation may remit the whole or a part of an amount of levy.
Nothing in a law passed before the commencement of this section exempts a person from liability to levy.
A law, or a provision of a law, passed after the commencement of this section that purports to exempt a person from liability to pay taxes under laws of the Commonwealth or to pay certain taxes under those laws that include levy, other than a law or a provision that expressly exempts a person from liability to pay levy, is not to be construed as exempting the person from liability to pay levy.
The trustees of a fund or unit trust that is affected by a reviewable decision of the Commissioner of Taxation may, if dissatisfied with the decision, by notice given to the Commissioner of Taxation within the period of 21 days after the day on which the trustees of the fund or unit trust first receive notice of the decision, or within such further period as the Commissioner of Taxation allows, request the Commissioner of Taxation to reconsider the decision.
There shall be set out in the request reasons for making the request.
Upon receipt of the request, the Commissioner of Taxation shall reconsider the decision and may, subject to subsection (4), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.
Where the Commissioner of Taxation does not confirm, revoke or vary a decision before the expiration of the period of 21 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation shall, upon the expiration of that period, be deemed to have confirmed the decision under subsection (3).
Where the Commissioner of Taxation confirms, revokes or varies a decision before the expiration of the period referred to in subsection (4), the Commissioner of Taxation shall, by notice served on the applicant, inform the applicant of the result of the reconsideration of the decision and the reasons for confirming, varying or revoking the decision, as the case may be.
Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection (3).
(8) If a request is made under subsection (1) in respect of a reviewable decision, Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Tribunal for a review of that decision.section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the
(9) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.
(10) Despite Administrative Review Tribunal Act 2024, the hearing of a proceeding relating to a reviewable decision before the Administrative Review Tribunal is to be in private if the party who made the application requests that it be in private.section 69 (hearings to be in public unless practice directions or Tribunal order requires otherwise) of the
Where notice in writing is given to the trustees of a fund or unit trust affected by a reviewable decision that the reviewable decision has been made, that notice shall include a statement to the effect that:
the trustees may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 16(1); and
(b) the trustees may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first-mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.
(2) Where the Commissioner of Taxation confirms or varies a reviewable decision under subsection 16(3) and gives to the trustees of a fund or unit trust notice in writing of the confirmation or variation of the decision, that notice shall include a statement to the effect that the trustees or the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.
Any failure to comply with the requirements of subsections (1) and (2) in relation to a reviewable decision or a decision under subsection 16(3) does not affect the validity of that decision.
The Governor-General may make regulations, not inconsistent with this Act, prescribing matters:
required or permitted by this Act to be prescribed; or
necessary or convenient to be prescribed for carrying out or giving effect to this Act;
and, in particular:
providing for exemptions from levy and for remissions of levy; and
providing for the manner of payment for levy and other amounts payable to the Commonwealth under this Act; and
providing for the refund (or other application) of overpayments.
Endnotes
Endnote 1—About the endnotes
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— E ndnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history— E ndnotes 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 Legislation Act 2003.section 15V of the
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.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
(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:
Section 7 is taken to have commenced on 30 June 1989.
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:
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:
Subject to this section, this Act commences on the day on which it receives the Royal Assent.
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:
Subject to this section, this Act commences on the day on which it receives the Royal Assent.
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 Taxation Laws Amendment (Superannuation) Act 1992.Division 2 of Part 3 of the
Parts 3 and 4 commence immediately after the commencement of the amendments made by Part 2.
1 July 1994.Division 2 of Part 3 commenced on
(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:
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:
Subsection 4(3), Schedule 3 and items 3, 4, 8, 9, 14 to 21, 76, 82 and 85 of Schedule 4 commence:
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:
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:
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.
Endnote 4—Amendment history