House of Representatives

Superannuation Contributions and Termination Payments Taxes Legislation Amendment Bill 1999

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Chapter 7 - Technical amendments

Purpose of the amendments

7.1 Minor technical amendments are made to:

·
ensure subsection 7(2) of the Termination Payment Tax (Assessment and Collection) Act 1997 is amended to exempt, from the termination payments surcharge, amounts that are CGT exempt under ITAA1936; [Item 1 of Schedule 6]
·
renumber section 35A second occurring to section 35B; [Item 27 of Schedule 1]
·
amend the definition of adjusted taxable income at section 38 of the CP(A & C) Act to ensure amounts subject to family trust distribution tax, which are excluded from the taxable income of a member, are included when determining adjusted taxable income; and [Item 15 of Schedule 2]
·
amend the definition of unfunded defined benefits superannuation scheme at section 43 of the SCT(A & C) Act to allow regulations to be made to declare what schemes are unfunded defined benefits schemes for the purposes of the legislation. It is proposed that the schemes to be declared in regulation will be either Federal or State unfunded defined benefits schemes. [Item 42 of Schedule 1 and Item 25 of Schedule 2]


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