Compilation #0 | Effective 2004-06-29
FRBR Work URI: /akn/au/act/2004/92
Superannuation (Government Co-contribution for Low Income Earners) Act 2003 5
Superannuation (Government Co-contribution for Low Income Earners) Act 2003 6
Superannuation (Government Co-contribution for Low Income Earners) Act 2003 9
Superannuation (Government Co-contribution for Low Income Earners) Act 2003 11
An Act to amend the law relating to superannuation, and for other purposes
[Assented to 29 June 2004]
The Parliament of Australia enacts:
This Act may be cited as the Superannuation Laws Amendment (2004 Measures No. 1) Act 2004.
This Act commences on the day on which it receives the Royal Assent.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Extension of eligibility
Income Tax Assessment Act 1936
1 Subsection 82AAT(1) (note)
Repeal the note, substitute:
Income Tax Assessment Act 1997
2 At the end of subsection 26-80(3)
Add:
; and (c) you are not entitled to a Government co-contribution payable under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 in respect of the contribution.
3 Application of item 2
The amendment made by item 2 of this Schedule applies to assessments for the 2004-2005 income year and for subsequent income years.
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
4 Paragraph 6(1)(b)
Repeal the paragraph, substitute:
(b) 10% or more of the person’s total income for the income year is attributable to eligible employment of the person; and
5 Subsection 6(2)
Repeal the subsection, substitute:
Note: See also Income Tax Assessment Act 1997 for cases in which a deduction that a person is entitled to under this section is denied.section 26-80 of the
In this section:
eligible employment has the same meaning as in Subdivision AB of Division 3 of Part III of the Income Tax Assessment Act 1936.
6 Application of items 4 and 5
The amendments made by items 4 and 5 of this Schedule apply to determinations as to whether a Government co-contribution is payable in respect of a person for the 2003-2004 income year and for subsequent income years.
Schedule 2—Administrative amendments
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
1 Paragraph 12(2)(d)
Omit “rate specified in the regulations”, substitute “base interest rate for the day on which the interest is calculated”.
2 Paragraph 21(3)(d)
Omit “rate specified in the regulations”, substitute “base interest rate for the day on which the interest is calculated”.
3 Paragraph 22(4)(d)
Omit “rate specified in the regulations”, substitute “base interest rate for the day on which the interest is calculated”.
4 Section 56
Insert:
base interest rate for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953.
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
5 Subsection 5(2) (simplified explanation)
Omit “(sections 19 to 25)”, substitute “(sections 19 to 24)”.
6 Subsection 5(2) (simplified explanation)
After the sentence starting “Part 5”, insert:
• Part 5A (section 25) sets out circumstances in which general interest charge is payable.
7 Paragraph 16(1)(b)
Repeal the paragraph, substitute:
(b) the trustee or the provider has not credited the co-contribution to an account of that kind by the end of the 28th day after the day on which the co-contribution was paid to the trustee or the provider;
8 At the end of subsection 16(1)
Add:
9 Paragraph 20(1)(b)
Repeal the paragraph, substitute:
(b) the trustee or the provider has not credited the underpaid amount to an account of that kind by the end of the 28th day after the day on which the co-contribution was paid to the trustee or the provider;
10 At the end of subsection 20(1)
Add:
11 At the end of subsection 24(3) (after the table)
Add:
12 After section 24
Insert:
13 Before subsection 25(1)
Insert:
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
16 Section 54
Repeal the section, substitute:
After the end of each quarter the Commissioner must give the Minister a report, for presentation to the Parliament, on the working of this Act during the quarter. The report must include, for the quarter to which the report relates, the prescribed details about beneficiaries of, and amounts of, Government co-contributions.
After the end of each financial year the Commissioner must give the Minister a report, for presentation to the Parliament, that:
(a) is on the working of this Act during the financial year; and
(b) includes, for the financial year to which the report relates, the prescribed details about beneficiaries of, and amounts of, Government co-contributions; and
(c) specifies, for each prescribed range of total income, the number of beneficiaries of a Government co-contribution for the financial year whose total income that was used to determine the amount of their Government co-contribution fell within that range; and
(d) specifies, for each prescribed range of taxable income, the number of people who the Commissioner is satisfied:
(i) were, at the end of the financial year, the spouse of a beneficiary of a Government co-contribution for the financial year; and
(ii) had a taxable income for that financial year that fell within that range; and
(e) specifies the number of beneficiaries of Government co-contributions for the financial year who the Commissioner was not satisfied had a spouse at the end of the financial year; and
(f) specifies the number of people:
(i) who the Commissioner is satisfied were, at the end of the financial year, the spouse of a beneficiary of a Government co-contribution for the financial year; and
(ii) whose taxable income for the financial year was not able to be determined by the Commissioner.
In this section:
spouse of a beneficiary of a Government co-contribution includes a person who, although not legally married to the beneficiary, lives with the beneficiary on a genuine domestic basis as the beneficiary’s husband or wife.
taxable income has the meaning given by section 4-15 of the Income Tax Assessment Act 1997.
17 Application of item 16
The amendment made by item 16 of this Schedule applies to a report for any quarter, or financial year, that starts on or after 1 July 2004.
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
18 Paragraph 15(1)(e)
Omit “Superannuation Holding Accounts Reserve”, substitute “Superannuation Holding Accounts Account”.
19 Subsection 18(1) (paragraph (b) of the note)
Omit “Superannuation Holding Accounts Reserve”, substitute “Superannuation Holding Accounts Account”.
20 Paragraph 19(4)(e)
Omit “Superannuation Holding Accounts Reserve”, substitute “Superannuation Holding Accounts Account”.
21 Subsection 24(3) (table item 2)
Omit “Superannuation Holding Accounts Reserve”, substitute “Superannuation Holding Accounts Account”.
22 Section 56
Insert:
Superannuation Holding Accounts Account means the Superannuation Holding Accounts Account established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.
[Minister’s second reading speech made in—
House of Representatives on 27 May 2004
Senate on 15 June 2004]
(83/04)