TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992
TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1-PRELIMINARY Section 1. Short title 2. Commencement PART 2-AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 Division 1-Principal Act 3. Principal Act Division 2-Amendments relating to limits for deductions for contributions to superannuation funds 4. Deduction for contributions to eligible superannuation fund for employees 5. Deductions for superannuation contributions by eligible persons 6. Application Division 3-Amendments relating to deductions and rebates for personal contributions to superannuation funds 7. Interpretation 8. Deductions for superannuation contributions by eligible persons 9. Repeal and substitution of new Subdivision: Subdivision AAC-Rebate for personal superannuation contributions 159SZ. Rebate for personal superannuation contributions 10. Interpretation 11. Operation of Part 12. Tax benefits 13. Cancellation of tax benefits etc. 14. Certain employees to be subject to provisional tax 15. Keeping of records 16. Interpretation 17. Application 18. Transitional-subsection 82AAT(2) regulations Division 4-Amendments relating to rebates for certain superannuation pensions and qualifying annuities 19. Interpretation 20. Repeal of section 159SK 21. Accrual period for a superannuation pension 22. Entitlement to rebate-superannuation pension 23. Repeal of sections 159SN to 159SR (inclusive) 24. Entitlement to rebate-rebatable ETP annuity 25. Repeal of sections 159SV to 159SY (inclusive) 26. Application of pre-1 July 88 funding credits 27. Application Division 5-Amendments relating to the undeducted purchase price of an annuity or superannuation pension 28. Interpretation 29. Application of pre-1 July 88 funding credits Division 6-Amendments relating to the unused undeducted purchase price of certain annuities and superannuation pensions 30. Interpretation 31. Taxed and untaxed elements of post-June 83 component 32. Assessable income to include annuities and superannuation pensions 33. Application Division 7-Amendments to extend the meaning of pensions and annuities, and to provide for minimum standards for certain annuities 34. Interpretation 35. Interpretation 36. Interpretation 37. Interpretation 38. Application 39. Transitional Division 8-Amendments abolishing a taxpayer's ability to choose which parts of an ETP (other than undeducted contributions and concessional components) are rolled-over 40. Interpretation 41. Components of an ETP 42. Insertion of new section: 27AC. ETP-retained amounts 43. Assessable income to include certain superannuation and kindred payments 44. Assessable income to include 5% of certain amounts 45. Roll-over of ETPs 46. Application Division 9-Amendments abolishing the 90-day roll-over period for ETPs 47. Interpretation 48. Roll-over of ETPs
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49. Application Division 10-Amendments relating to the components of ETPs known as bona fide redundancy payments, approved early retirement scheme payments and invalidity payments 50. Interpretation 51. Components of an ETP 52. ETP-retained amounts 53. Insertion of new section: 27CB. Exemption from tax-post-June 1994 invalidity component and tax-free amount of bona fide redundancy payment or approved early retirement scheme payment 54. Roll-over of ETPs 55. Approved early retirement scheme payments 56. Bona fide redundancy payments 57. Invalidity payments Division 11-Amendments relating to reasonable benefit limits (RBLs) 58. Interpretation 59. Components of an ETP 60. Insertion of new Division: Division 14-Reasonable benefit limits (RBLs) Subdivision A-Objects, simplified outline and example 140. Objects of Division 140A. Simplified outline 140B. Example of how to determine whether a benefit is in excess of the recipient's RBLs Subdivision B-Interpretation 140C. Interpretation 140D. Payer deemed not to make an ETP to the extent to which ETP is rolled-over 140E. ETPs taken to be paid from superannuation fund 140F. ETPs-retained amount 140G. Excessive component of ETP to be ignored in working out other components 140H. Components of rolled-over ETP 140J. When pension or annuity commences to be paid 140K. When benefit previously received by recipient 140L. Pension and annuity standards Subdivision C-Payers' notification obligations 140M. Payers of benefits to give certain information to Commissioner 140N. Quotation of tax file numbers 140P. Payer of benefit to provide copy of notice to recipient 140Q. Roll-overs to be notified to Commissioner Subdivision D-Determination of whether a benefit is in excess of recipient's RBLs 140R. Determination of whether a benefit is in excess of recipient's RBLs 140S. Revision of final determination 140T. Interim determinations 140U. Interim determination may be made on certain assumptions 140V. Commissioner may determine standard indexation rate 140W. Notification of determinations 140X. Amendment of determinations 140Y. Objections 140Z. Person may request copy of previous determination Subdivision E-When benefits exceed recipient's RBLs 140ZA. When benefits exceed recipient's RBLs 140ZB. Discretion to treat benefits as within recipient's RBLs Subdivision F-Benefits which are to be counted towards a person's RBLs 140ZC. Benefits which are counted towards a person's RBLs Subdivision G-Lump sum RBLs and pension RBLs 140ZD Lump sum RBLs and pension RBLs 140ZE. Transitional lump sum RBLs and transitional pension RBLs 140ZF. Assessment of benefits against lump sum RBL 140ZG. Qualifying portion of benefits Subdivision H-RBL amounts 140ZH. RBL amount-ETP paid by superannuation funds or ADFs 140ZI. RBL amount-ETP paid by life assurance company or registered organisation 140ZJ. RBL amount-ETP paid by employer 140ZK. RBL amount-superannuation pension (other than disability superannuation pension) 140ZL. RBL amount-disability superannuation pension 140ZM. RBL amount-annuity 140ZN. Reduction of ETP taken into account in working out RBL amount of annuity-roll-overs Subdivision J-Capital value of superannuation pension
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140ZO. Capital value of superannuation pension 140ZP. Reduction of capital value of superannuation pension-roll-overs Subdivision K-Rebatable proportion of rebatable superannuation pension or rebatable ETP annuity 140ZQ. Rebatable proportion of rebatable superannuation pension or rebatable ETP annuity 61. Application Division 12-Amendment of assessments 62. Amendment of assessments PART 3-AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 Division 1-Principal Act 63. Principal Act Division 2-Amendments relating to reasonable benefit limits (RBLs) 64. Interpretation 65. Repeal of Part IIIA 66. Review of certain decisions 67. Statements to accompany notification of decisions 68. Regulations 69. Application Division 3-Amendment to allow superannuation funds to retain a member's benefit for up to 90 days while the member decides whether to roll-over the benefit 70. Interpretation 71. Application Division 4-Amendments to allow retired persons to transfer their benefits into superannuation funds 72. Interpretation 73. Application Division 5-Amendments relating to minimum standards for pensions and annuities 74. Interpretation 75. Operating standards for superannuation funds 76. Transitional PART 4-AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT 1992 Division 1-Principal Act 77. Principal Act Division 2-Amendments relating to notional earnings base 78. Interpretation: notional earnings base where employer contributing to superannuation fund for benefit of employee immediately before 21 August 1991 79. Interpretation: notional earnings base where employer not contributing to superannuation fund for benefit of employee immediately before 21 August 1991 80. Reduction of charge percentage where contribution made to fund other than defined benefit superannuation scheme 81. Insertion of new section: 25A. Certain contributions taken to be in accordance with industrial award that specifies notional earnings base 82. Application of amendments relating to notional earnings base Division 3-Amendment relating to calculation of maximum contribution base 83. Interpretation: maximum contribution base Division 4-Amendments relating to calculation of individual superannuation guarantee shortfall 84. Individual superannuation guarantee shortfall for 1992-93 85. Individual superannuation guarantee shortfall for 1993-94 and subsequent years Division 5-Amendment relating to the reduction of charge percentage 86. Reduction of charge percentage where contribution made to defined benefit superannuation scheme Division 6-Amendments relating to the period in which employer may obtain statement that fund operated in accordance with superannuation fund conditions 87. Certain benefit certificates presumed to be certificates in relation to complying superannuation scheme Division 7-Amendments relating to excluded salary or wages 88. Salary or wages: general exclusions 89. Application of amendments relating to excluded salary or wages PART 5-AMENDMENT OF THE TAXATION ADMINISTRATION ACT 1953 Division 1-Principal Act 90. Principal Act Division 2-Amendments relating to the Superannuation Guarantee (Administration) Act 1992 91. Interpretation 92. Penalty taxes to be alternative to prosecution for certain offences 93. General interpretative provisions