Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

PART 7 - INTERPRETATION  

SECTION 38  

38   DEFINITIONS  

In this Act, unless the contrary intention applies:

adjusted taxable income
has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

allocated surplus amount
, in relation to a member in relation to a financial year, means an amount that is allocated by the relevant superannuation (accumulated benefits) provider for the benefit of the member in respect of the financial year (other than an amount paid for or by the member to the provider) to the extent to which the allocated amount exceeds an amount that, in the opinion of an eligible actuary according to Australian actuarial practice, is reasonable having regard to:

(a) the amounts paid by or for the member to the provider; and

(b) the relevant constitutionally protected superannuation fund ' s investment earnings relating to the member ' s interest in the fund; and

(c) any other relevant matters.

assessment
means an assessment made under subsection 14(1) .

authorised officer
(Repealed by No 2 of 2015)

class
: a single member may constitute a class of members and a single superannuation scheme may constitute a class of superannuation schemes.

Commissioner
means the Commissioner of Taxation.

complying superannuation fund
has the meaning given by section 45 of the Superannuation Industry (Supervision) Act 1993 .

constitutionally protected superannuation fund
has the same meaning as constitutionally protected fund has in the Income Tax Assessment Act 1997 .

contributed amounts
:

(a) in relation to a member (other than a member of a defined benefits superannuation scheme) for a financial year, means:

(i) any amounts paid for or by the member to, or otherwise credited or attributed to an account for the member by, a superannuation provider for the financial year other than amounts to which subparagraph (ii) or (iii) applies, less any part of such an amount that is, under the regulations, to be regarded as reasonably attributable to interest; and

(ii) if there are any regulations in force for the purposes of this subparagraph in respect of the financial year - any amounts referred to in the regulations that are credited, allocated or attributable to the member for the financial year less any part of such an amount that is, under the regulations, to be regarded as reasonably attributable to interest; and

(iii) if there are no regulations in force for the purposes of subparagraph (ii) and the financial year is later than the 1996-97 financial year - any allocated surplus amount in relation to the member in respect of the financial year; or

(b) in relation to a member of a defined benefits superannuation scheme for a financial year:

(i) means the surchargeable contributions of the member for the financial year; and

(ii) includes any other amount that may be reasonably regarded as attributable to the member under the scheme for the financial year.

defined benefit member
means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:

(a) the amount of:

(i) the member ' s salary at a particular date, being the date of the termination of the member ' s employment or of the member ' s retirement or an earlier date; or

(ii) the member ' s salary averaged over a period before retirement;

(b) a stated amount.

defined benefits superannuation scheme
means:

(a) a public sector superannuation scheme that:

(i) is a regulated superannuation fund or an exempt public sector superannuation scheme; and

(ii) has at least one defined benefit member; or

(b) a regulated superannuation fund (other than a public sector superannuation scheme):

(i) that has at least one defined benefit member; and

(ii) some or all of the contributions to which are not allocated to any individual member but are paid into and accumulated in a fund in the form of an aggregate amount.

Deputy Commissioner
means the Deputy Commissioner of Taxation.

eligible actuary
means a Fellow or Accredited Member of the Institute of Actuaries of Australia.

eligible termination payment
has the same meaning as in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act.

excessive component
of an eligible termination payment has the meaning given by subsection 27A(1) of the Income Tax Assessment Act.

exempt public sector superannuation scheme
has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993 .

funded defined benefits superannuation scheme
means a defined benefits superannuation scheme that is not an unfunded defined benefits superannuation scheme.

general interest charge
means the charge worked out under Part IIA of the Taxation Administration Act 1953 .

Income Tax Assessment Act
means the Income Tax Assessment Act 1936 .

"interest"

late payment penalty
means general interest charge payable under section 21 .

member
means a member of a constitutionally protected superannuation fund and includes a person who has been a member of such a fund.

notification date
means:

(a) for the 1996-97 financial year - 15 December 1997; or

(b) for a later financial year - 31 October following the financial year.

notional surchargeable contributions factor

post-June 83 component
of an eligible termination payment has the meaning given by section 27AA of the Income Tax Assessment Act.

public sector superannuation scheme
means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:

(a) by or under a law of a State; or

(b) under the authority of:

(i) the government of a State; or

(ii) a municipal corporation, another local governing body, or a public authority, constituted by or under a law of a State.

regulated superannuation fund
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

retained amount
of the post-June 83 component of an eligible termination payment has the meaning given by section 27AC of the Income Tax Assessment Act.

rolled-over
has the meaning given by paragraph 27A(13)(a) of the Income Tax Assessment Act.

Second Commissioner
means a Second Commissioner of Taxation.

specified roll-over amount

superannuation (accumulated benefits) provider
means a superannuation provider that is not a superannuation (defined benefits) provider.

Superannuation Contributions Ruling SCR 97/1
has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

superannuation contributions surcharge
or surcharge means the tax imposed by the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 .

superannuation contributions surcharge threshold
or surcharge threshold has the meaning given by section 10 .

superannuation (defined benefits) provider
means a superannuation (funded defined benefits) provider or a superannuation (unfunded defined benefits) provider.

superannuation fund
means a public sector superannuation scheme.

superannuation (funded defined benefits) provider
means a superannuation provider who is the trustee of a constitutionally protected superannuation fund established for the purposes of a funded defined benefits superannuation scheme.

superannuation provider
means a trustee of a constitutionally protected superannuation fund.

superannuation (unfunded defined benefits) provider
means a superannuation provider who is the trustee of a constitutionally protected superannuation fund established for the purposes of a superannuation scheme that is an unfunded defined benefits superannuation scheme.

surcharge
: see superannuation contributions surcharge .

surcharge threshold
: see superannuation contributions surcharge threshold .

surchargeable contributions
has the meaning given by section 9 .

taxable income
of a member for a year of income means the member ' s taxable income of that year of income as assessed under the Income Tax Assessment Act.

taxed element
of the retained amount of the post-June 83 component of an eligible termination payment has the meaning given by section 27AC of the Income Tax Assessment Act.

the 1996-97 financial year
means the financial year starting on 1 July 1996.

the 1997-98 financial year
means the financial year starting on 1 July 1997.

the 1998-99 financial year
means the financial year starting on 1 July 1998.

the 1999-2000 financial year
means the financial year starting on 1 July 1999.

trustee
, in relation to a constitutionally protected superannuation fund, means:

(a) if there is a trustee (within the ordinary meaning of that expression) of the fund - the trustee; or

(b) otherwise - the person who manages the fund.

unfunded defined benefits superannuation scheme
has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

year of income
means a year of income for the purposes of the Income Tax Assessment Act as that Act applies to individuals.