Superannuation (Self Managed Superannuation Funds) Taxation Act 1987
This Act may be cited as the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.
This Act shall come into operation on a day to be fixed by Proclamation.
[ CCH Note: This Act was proclaimed to commence on 21 December 1987.]
In this Act:
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 121 of 1999)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 54 of 1998)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
"document certification provision"
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
"fund affected by a reviewable decision"
(Omitted by No 97 of 1989)
"fund or unit trust affected by a reviewable decision"
, in relation to a reviewable decision, means the fund or unit trust in relation to which the decision was made;
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
"legal personal representative"
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
reviewable decision
means a decision of the Commissioner of Taxation under section 15DF.
(Omitted by No 54 of 1998)
(Omitted by No 84 of 1993)
"State taxation officer disclosure provision"
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
"superannuation standards officer"
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
(Omitted by No 84 of 1993)
"trustee"
, in relation to a fund or trust, has the same meaning as in the Superannuation Industry (Supervision) Act 1993;
(Omitted by No 121 of 1999)
"year of income"
, in relation to a fund or unit trust, means a period that is, for the purposes of the Tax Act, the year of income of the fund or unit trust that commenced on 1 July 1986 or a subsequent year of income.
(Omitted by No 54 of 1998)
(Omitted by No 84 of 1993)
SECTION 3A CROWN TO BE BOUND 3A(1)
This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.
3A(2)
Nothing in this Act renders the Crown in right of the Commonwealth, of a State, of the Australian Capital Territory or of the Northern Territory liable to be prosecuted for an offence.
(Repealed by No 84 of 1993) 5 (Repealed) SECTION 5 SATISFACTION OF SUPERANNUATION FUND CONDITIONS
(Repealed by No 84 of 1993) 6 (Repealed) SECTION 6 SATISFACTION OF APPROVED DEPOSIT FUND CONDITIONS
(Repealed by No 84 of 1993) 6A (Repealed) SECTION 6A SATISFACTION OF POOLED SUPERANNUATION TRUST CONDITIONS
(Repealed by No 84 of 1993)
Subject to any directions of the Minister, the Commissioner of Taxation shall have the general administration of this Act.
Note:
An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.
(Repealed by No 84 of 1993) (Repealed) PART IIIAAA - COLLECTION OF RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY
In this Part:
basic levy amount
(Omitted by No 121 of 1999)
excluded superannuation fund
(Omitted by No 121 of 1999)
general interest charge
means the charge worked out under Part IIA of the Taxation Administration Act 1953.
late lodgment amount
(Omitted by No 169 of 1995)
late payment penalty
(Repealed by No 9 of 2007)
levy
means the levy imposed by the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991;
levy month
(Omitted by No 144 of 1995)
minimum basic levy amount
(Omitted by No 121 of 1999)
self managed superannuation fund
has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.
superannuation entity
has the meaning given by the Superannuation Industry (Supervision) Act 1993.
An entity is liable to pay a levy for a year of income in respect of a superannuation entity if:
(a) the superannuation entity is a self managed superannuation fund at any time during the year of income; and
(b) on the day on which the levy becomes due and payable (see section 15DB), the entity is a trustee of the superannuation entity.
15DA(2)
If, on that day, there is more than one trustee of the superannuation entity, those trustees are jointly and severally liable to pay the levy for that year of income in respect of the superannuation entity.
Levy payable for a year of income in respect of a superannuation entity is due and payable on the day specified in the regulations for the purposes of this subsection.
15DB(1A)
Without limiting subsection (1), the regulations may provide that levy is due and payable on a dayspecified in a written notice given to a trustee of the superannuation entity by the Commissioner of Taxation.
15DB(2)
The specified day must not be earlier than 21 days after the day on which the notice is given.
SECTION 15DC 15DC GENERAL INTEREST CHARGE
If an amount of levy payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
(a) starts at the beginning of the day on which the amount of levy was due to be paid; and
(b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) an amount of levy;
(ii) general interest charge on an amount of levy.
Note:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.
(Repealed by No 15 of 2007)
(Repealed by No 15 of 2007)
The Commissioner of Taxation may remit the whole or a part of an amount of levy.
(Repealed by Act No 11 of 1999)
Nothing in a law passed before the commencement of this section exempts a person from liability to levy.
15DH(2) [Law passed after 24 April 1991]A law, or a provision of a law, passed after the commencement of this section that purports to exempt a person from liability to pay taxes under laws of the Commonwealth or to pay certain taxes under those laws that include levy, other than a law or a provision that expressly exempts a person from liability to pay levy, is not to be construed as exempting the person from liability to pay levy.
(Repealed by No 54 of 1998)
16(1)
The trustees of a fund or unit trust that is affected by a reviewable decision of the Commissioner of Taxation may, if dissatisfied with the decision, by notice given to the Commissioner of Taxation within the period of 21 days after the day on which the trustees of the fund or unit trust first receive notice of the decision, or within such further period as the Commissioner of Taxation allows, request the Commissioner of Taxation to reconsider the decision.
16(1A)
(Repealed by No 208 of 1992)
16(1B)
(Repealed by No 208 of 1992)
16(2)
There shall be set out in the request reasons for making the request.
16(3)
Upon receipt of the request, the Commissioner of Taxation shall reconsider the decision and may, subject to subsection (4), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.
16(4)
Where the Commissioner of Taxation does not confirm, revoke or vary a decision before the expiration of the period of 21 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation shall, upon the expiration of that period, be deemed to have confirmed the decision under subsection (3).
16(5)
Where the Commissioner of Taxation confirms, revokes or varies a decision before the expiration of the period referred to in subsection (4), the Commissioner of Taxation shall, by notice served on the applicant, inform the applicant of the result of the reconsideration of the decision and the reasons for confirming, varying or revoking the decision, as the case may be.
16(5A)
(Repealed by No 84 of 1993)
16(6)
Applications may be made to the Administrative Appeals Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection (3).
[ CCH Note: S 16(6) will be amended by No 38 of 2024, s 3 and Sch 1 item 72, by substituting "Administrative Review Tribunal" for "Administrative Appeals Tribunal", effective 14 October 2024.]
16(7)
Where a decision is deemed, by reason of the operation of subsection (4), to be confirmed, section 29 of the Administrative Appeals Tribunal Act 1975 applies as if the prescribed time for making application for review of the decision were the period commencing on the day on which the decision is deemed to be confirmed and ending on the twenty-eighth day after that day.
[ CCH Note: S 16(7) will be substituted by No 38 of 2024, s 3 and Sch 1 item 47, effective 14 October 2024. S 16(7) will read:
]
16(7)
If a decision is deemed to be confirmed because of subsection (4), then, despite section 18 (when to apply - general rule) of the Administrative Review Tribunal Act 2024, an application to the Administrative Review Tribunal must be made within 28 days beginning on the day on which the decision is deemed to be confirmed.Note:
A person may, under section 19 the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal to extend the period.
16(8)
Where a request is made under subsection (1) in respect of a reviewable decision, section 41 of the Administrative Appeals Tribunal Act 1975 applies as if the making of the request were the making of an application to the Administrative Appeals Tribunal for a review of that decision.
[ CCH Note: S 16(8) will be substituted by No 38 of 2024, s 3 and Sch 1 item 47, effective 14 October 2024. S 16(8) will read:
]
16(8)
If a request is made under subsection (1) in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Tribunal for a review of that decision.
16(9)
The hearing of a proceeding relating to a reviewable decision shall take place in private and the Administrative Appeals Tribunal may, by order: (a) give directions as to the persons who may be present; and (b) give directions of a kind referred to in subsection 35(3) or (4) of the Administrative Appeals Tribunal Act 1975.
[ CCH Note: S 16(9) will be substituted by No 38 of 2024, s 3 and Sch 1 item 47, effective 14 October 2024. S 16(9) will read:
]
16(9)
An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.
[ CCH Note: S 16(10) will be inserted by No 38 of 2024, s 3 and Sch 1 item 47, effective 14 October 2024. S 16(10) will read:
]
16(10)
Despite section 69 (hearings to be in public unless practice directions or Tribunal order requires otherwise) of the Administrative Review Tribunal Act 2024, the hearing of a proceeding relating to a reviewable decision before the Administrative Review Tribunal is to be in private if the party who made the application requests that it be in private.
SECTION 17 STATEMENTS TO ACCOMPANY NOTIFICATION OF DECISIONS 17(1)
Where notice in writing is given to the trustees of a fund or unit trust affected by a reviewable decision that the reviewable decision has been made, that notice shall include a statement to the effect that: (a) the trustees may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 16(1); and (b) the trustees may, subject to the Administrative Appeals Tribunal Act 1975, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first-mentioned decision, make application to the Administrative Appeals Tribunal for review of the decision so confirmed or varied.
[ CCH Note: S 17(1) will be amended by No 38 of 2024, s 3 and Sch 1 item 72, by substituting "Administrative Review Tribunal Act 2024" for "Administrative Appeals Tribunal Act 1975" and "Administrative Review Tribunal for" for "Administrative Appeals Tribunal for" in para (b), effective 14 October 2024.]
17(2)
Where the Commissioner of Taxation confirms or varies a reviewable decision under subsection 16(3) and gives to the trustees of a fund or unit trust notice in writing of the confirmation or variation of the decision, that notice shall include a statement to the effect that the trustees may, subject to the Administrative Appeals Tribunal Act 1975, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Appeals Tribunal for review of the decision.
[ CCH Note: S 17(2) will be amended by No 38 of 2024, s 3 and Sch 1 item 72, by substituting "Administrative Review Tribunal Act 2024" for "Administrative Appeals Tribunal Act 1975" and "Administrative Review Tribunal for" for "Administrative Appeals Tribunal for", effective 14 October 2024.]
17(3)
Any failure to comply with the requirements of subsections (1) and (2) in relation to a reviewable decision or a decision under subsection 16(3) does not affect the validity of that decision.
18 (Repealed) SECTION 18 SECRECY
(Repealed by No 84 of 1993)
(Repealed by No 84 of 1993)
(Repealed by No 84 of 1993)
(Repealed by No 54 of 1998)
(Repealed by No 54 of 1998)
The Governor-General may make regulations, not inconsistent with this Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act;
and, in particular:
(c) (Omitted by No 84 of 1993)
(d) (Omitted by No 208 of 1992)
(e) providing for exemptions from levy and for remissions of levy; and
(f) providing for the manner of payment for levy and other amounts payable to the Commonwealth under this Act; and
(g) providing for the refund (or other application) of overpayments.
(Repealed by No 121 of 1999)