Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013

1 Short title

This Act may be cited as the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.

2 Commencement

This Act commences on the day this Act receives the Royal Assent.

3 Definitions

In this Act:

income year has the same meaning as in the Income Tax Assessment Act 1997.

taxable contributions has the same meaning as in the Income Tax Assessment Act 1997.

4 Imposition of tax

Tax payable under Income Tax Assessment Act 1997 is imposed.section 293-15 of the

5 Amount of tax

The amount of the tax is 15% of a person’s taxable contributions for an income year.

6 Severability

If, apart from this section, section 4 would impose, in relation to a person, a tax the imposition of which in relation to the person would exceed the legislative power of the Commonwealth, section 4 has effect as if it did not impose that tax in relation to the person.

[Minister’s second reading speech made in—

House of Representatives on 15 May 2013

Senate on 17 June 2013]

(95/13)