Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)
Part 2 AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Division 3 Amendments relating to deductions and rebates for personal contributions to superannuation funds
7 Interpretation
(1) Section 82AAS of the Principal Act is amended:
(a) by omitting from subsection (1) the definitions of "Commission's superannuation principles", "industrial tribunal", "superannuation agreement", "superannuation agreement contributions", "superannuation contributions" and "unsupported eligible person";
(b) by inserting in subsection (1) the following definition:
"'eligible employment', in relation to a person, means:
(a) the holding of any office or appointment; or
(b) the performance of any functions or duties; or
(c) the engaging in of any work; or
(d) the doing of any acts or things;
that results in the person being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted);";
(c) by omitting subsection (2A) and substituting the following subsection:
"(3) If:
(a) during a period, or a combination of periods, in a year of income, a person was engaged in particular eligible employment; and
(b) either:
(i) both:
(A) the person's assessable income, or the person's exempt income, of the year of income includes one or more amounts that were derived from that eligible employment; and
(B) the total of the amounts mentioned in sub-subparagraph (A) is less than 10% of the person's assessable income of the year of income; or
(ii) the person's assessable income, or the person's exempt income, of the year of income does not include any amount that was derived from that eligible employment;
a reference in subsection (2) to superannuation benefits does not include a reference to superannuation benefits to the extent to which:
(c) they would be attributable to, or paid out of money representing:
(i) contributions made in relation to the person in connection with that eligible employment; or
(ii) income or accretions arising from such contributions; or
(d) they would otherwise be attributable to that eligible employment.".
(2) Section 82AAS of the Principal Act is amended:
(a) by omitting from paragraph (2)(a) "upon retirement" and substituting "in the event of the retirement of the relevant person";
(b) by adding at the end of sub-subparagraph (2)(b)(ii)(A) "or";
(c) by adding at the end of subparagraph (2)(b)(ii) the following word and sub-subparagraph:
"; or (D) income or accretions arising from contributions made to a superannuation fund in relation to the relevant person by a person other than the relevant person during an earlier year of income, where there is no reasonable likelihood that any such contributions will be made at any time after the beginning of the first-mentioned year of income.";
(d) by adding at the end the following subsections:
"(4) For the purposes of subsection (2), if:
(a) a payment of superannuation guarantee charge is made for a financial year; and
(b) there is a shortfall component of the payment in relation to a particular employee; and
(c) that component is paid to a fund in accordance with section 65 of the Superannuation Guarantee (Administration) Act 1992; then:
(d) that component is taken to have been so paid to the fund before the end of that financial year; and
(e) a benefit attributable to that component is taken to have been attributable to a contribution made to the fund in relation to the employee by the employer of the employee; and
(f) the circumstances which led to the making of that contribution are taken to have existed during that financial year.
"(5) For the purposes of subsection (2), if:
(a) a payment of superannuation guarantee charge is made for a financial year; and
(b) there is a shortfall component of the payment in relation to a particular employee; and
(c) that component is paid to the employee in accordance with section 66 of the Superannuation Guarantee (Administration) Act 1992; then:
(d) that component is taken to have been so paid to the employee before the end of that financial year; and
(e) that component is taken to have been attributable to a contribution made to a superannuation fund in relation to the employee by the employer of the employee; and
(f) the circumstances which led to the payment of that component are taken to have existed during that financial year.
"(6) For the purposes of subsection (2), if:
(a) a payment of superannuation guarantee charge is made for a financial year; and
(b) there is a shortfall component of the payment in relation to a particular employee; and
(c) that component is paid to the legal personal representative of the employee in accordance with section 67 of the Superannuation Guarantee (Administration) Act 1992; then:
(d) that component is taken to have been paid to the employee before the end of that financial year because of the retirement of the employee; and
(e) that component is taken to have been attributable to a contribution made to a superannuation fund in relation to the employee by the employer of the employee; and
(f) the circumstances which led to the payment of that component are taken to have existed during that financial year.
"(7) An expression used in subsection (4), (5) or (6) and in the Superannuation Guarantee (Administration) Act 1992 has the same meaning in that subsection as it has in that Act.".