2010‑2011‑2012‑2013

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

EXPOSURE DRAFT

Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013

No.      , 2013

(Treasury)

A Bill for an Act to impose tax on certain superannuation contributions, and for related purposes

  

Contents
1	Short title	1
2	Commencement	1
3	Definitions	2
4	Imposition of tax	2
5	Amount of tax	2
6	Severability	2

A Bill for an Act to impose tax on certain superannuation contributions, and for related purposes
The Parliament of Australia enacts:
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:
Division 293 taxable contributions has the same meaning as in the Income Tax Assessment Act 1997.
income year has the same meaning as in the Income Tax Assessment Act 1997.
4  Imposition of tax
		Tax payable under section 293‑15 of the Income Tax Assessment Act 1997 is imposed.
5  Amount of tax
		The amount of the tax is 15% of a person’s Division 293 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.