Superannuation Contributions Tax (Assessment and Collection) Act 1997
In this Act, unless the contrary intention applies:
adjusted taxable income
has the meaning given by section
7A
or
7B
, whichever is applicable.
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advance instalment
has the meaning given by section
11
.
allocated surplus amount
, in relation to a member of a superannuation fund 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 fund ' s investment earnings relating to the member ' s interest in the fund; and
(c) any other relevant matters.
annuity
has the same meaning as in section
10
of the
Superannuation Industry (Supervision) Act 1993
and includes such an annuity that is not presently payable.
approved deposit fund
has the same meaning as in section
10
of the
Superannuation Industry (Supervision) Act 1993
.
assessment
means an assessment made under subsection
15(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(Repealed by No 2 of 2015)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 approved deposit fund
has the meaning given by section
47
of the
Superannuation Industry (Supervision) Act 1993
.
complying superannuation fund
has the meaning given by section
45
of the
Superannuation Industry (Supervision) Act 1993
.
(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 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 1 defined benefit member; or
(b) a regulated superannuation fund (other than a public sector superannuation scheme):
(i) that has at least 1 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.
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.
Deputy Commissioner
means the Deputy Commissioner of Taxation.
determination
means a determination made under subsection
15(2)
.
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
.
holder
of the surchargeable contributions of a member for a financial year has the meaning given by sections
8A
and
10A
.
Income Tax Assessment Act
means the
Income Tax Assessment Act 1936
.
interest
(except in the definition in this section of
contributed amounts
) means the general interest charge payable under section
21
or
22
.
late payment penalty
means general interest charge payable under section
25
or
25A
.
life assurance company
has the same meaning as in subsection
6(1)
of the Income Tax Assessment Act.
member
means a member of a superannuation fund or of an approved deposit fund and includes:
(a) the holder of an RSA; and
(b) the purchaser of an annuity from a life assurance company;
and includes a person who has been such a member.
(a) for the 1996-97 financial year - 15 December 1997; or
(b) for the 1997-98 financial year - 31 October following the financial year; or
(c) for a later financial year:
(i) if the relevant superannuation provider is a self-assessing superannuation provider for the financial year - the date determined by the Commissioner in relation to the provider for the financial year under section 15A ; or
(ii) otherwise - 31 October following the financial year.
notional surchargeable contributions factor
(Repealed by No 131 of 1999)
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 the Commonwealth, a law of a State or a law of a Territory; or
(b) under the authority of:
(i) the Commonwealth or the government of a State or Territory; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth, a law of a State or a law of a Territory.
(Repealed by No 101 of 2004)
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.
RSA
has the same meaning as in the
Retirement Savings Accounts Act 1997
.
RSA provider
has the same meaning as in the
Retirement Savings Accounts Act 1997
.
Second Commissioner
means a Second Commissioner of Taxation.
self-assessing superannuation provider
, in relation to a financial year, means a superannuation provider specified, or included in a class of superannuation providers specified, in a determination in force under paragraph
15A(1)(a)
in respect of that financial year.
(Repealed by No 96 of 2001).
superannuation (accumulated benefits) provider
means a superannuation provider that is not a superannuation (defined benefits) provider.
Superannuation Contributions Ruling SCR 97/1
means:
(a) the instrument known as Superannuation Contributions Ruling SCR 97/1 that was made available by the Commissioner before the commencement of this definition as that instrument existed immediately before that commencement; or
(b) if that instrument has been modified by the regulations after that commencement - that instrument as so modified.
superannuation contributions surcharge
or
surcharge
means the tax imposed by the
Superannuation Contributions Tax Imposition Act 1997
.
superannuation (defined benefits) provider
means a superannuation (funded defined benefits) provider or a superannuation (unfunded defined benefits) provider.
(a) a fund that:
(i) is an indefinitely continuing fund; and
(ii) is a provident, benefit, superannuation or retirement fund; or
(b) a public sector superannuation scheme.
superannuation (funded defined benefits) provider
means a superannuation provider that is the trustee of a superannuation fund established for the purposes of a funded defined benefits superannuation scheme.
superannuation provider
means:
(a) the trustee of a superannuation fund or of an approved deposit fund; or
(b) an RSA provider; or
(c) a life assurance company.
(d) (Repealed by No 101 of 2004)
superannuation (unfunded defined benefits) provider
means a superannuation provider that is the trustee of a superannuation fund established for the purposes of a superannuation scheme that is an unfunded defined benefits superannuation scheme.
(Repealed by No 191 of 1997)
surcharge threshold
has the meaning given by section
9
.
surchargeable contributions
has the meaning given by section
8
.
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 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
means a superannuation scheme that is declared by the regulations to be an unfunded defined benefits superannuation scheme.
year of income
means a year of income for the purposes of the Income Tax Assessment Act as that Act applies to individuals.
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