Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

PART I - PRELIMINARY  

SECTION 1  

1   SHORT TITLE  

This Act may be cited as the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.

SECTION 2  

2   COMMENCEMENT  
This Act shall come into operation on a day to be fixed by Proclamation.

SECTION 3   INTERPRETATION  

3(1)   [Definitions]  

In this Act:

"adopted child"

"annuity"

"approved auditor"

"approved deposit fund"

"approved form"

"approved purposes"

"approved rules"

"approved trustee"

``APRA''

"basic levy amount"

"child"

"Commissioner"

"court"

"data processing device"

"dependant"

"depositor"

"document certification provision"

"employer sponsor"

"fund affected by a reviewable decision"

"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;

"governing rules"

"late lodgment amount"

"late payment penalty"

"legal personal representative"

"levy"

"levy avoidance scheme"

"levy month"

"life assurance company"

"minimum basic levy amount"

"pension"

"pooled superannuation trust"

"produce"

"prosecution provisions"

"protected document"

"protected information"

"registered organisation"

reviewable decision
means a decision of the Commissioner of Taxation under section 15DF.

RSA provider

"spouse"

"State taxation officer disclosure provision"

"superannuation fund"

"superannuation standards officer"

"Tax Act"

"taxation officer"

"transferred retiree member"

"trustee"
, in relation to a fund or trust, has the same meaning as in the Superannuation Industry (Supervision) Act 1993;

"unit trust"

"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.

year of income

3(2)-(7)    

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.

4   (Repealed) SECTION 4 APPLICATION OF ACT IN RELATION TO PERIODS BEFORE COMMENCEMENT ETC.  
(Repealed by No 84 of 1993)

5   (Repealed) SECTION 5 SATISFACTION OF SUPERANNUATION FUND CONDITIONS  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)

(Repealed) PART II - OPERATING STANDARDS FOR SUPERANNUATION FUNDS, APPROVED DEPOSIT FUNDS AND POOLED SUPERANNUATION TRUSTS  

PART III - FUNCTIONS OF THE COMMISSIONER OF TAXATION  

SECTION 9  

9   GENERAL ADMINISTRATION OF ACT  

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.

10-15D   (Repealed) SECTIONS 10-15D REPEALED  
(Repealed by No 84 of 1993)

(Repealed) PART IIIAAA - COLLECTION OF RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY  

PART IIIAA - COLLECTION OF SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) SUPERVISORY LEVY  

SECTION 15DAA  

15DAA   DEFINITIONS  

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.

SECTION 15DA   WHO IS LIABLE TO PAY LEVY  

15DA(1)    
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.

SECTION 15DB   WHEN LEVY DUE FOR PAYMENT  

15DB(1)    
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.

15DD   (Repealed) SECTION 15DD RECOVERY OF LEVY  
(Repealed by No 15 of 2007)

15DE   (Repealed) SECTION 15DE PAYMENT OF LEVY AND LATE PAYMENT PENALTY  
(Repealed by No 15 of 2007)

SECTION 15DF  

15DF   REMISSION OF LEVY  

The Commissioner of Taxation may remit the whole or a part of an amount of levy.

15DG   (Repealed) SECTION 15DG APPLICATION OF PAYMENTS  
(Repealed by Act No 11 of 1999)

SECTION 15DH   EXEMPTING LAWS INEFFECTIVE  

15DH(1)   [Law passed before 24 April 1991]  

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) PART IIIAB - COLLECTION OF LEVY UNDER THE SUPERANNUATION (FINANCIAL ASSISTANCE FUNDING) LEVY ACT 1993  

(Repealed) PART IIIAC - COLLECTION OF LEVY UNDER THE SUPERANNUATION (ROLLED-OVER BENEFITS) LEVY ACT 1993  

(Repealed) PART IIIA - REASONABLE BENEFIT LIMITS  

PART IV - MISCELLANEOUS  

SECTION 16   REVIEW OF CERTAIN DECISIONS  

16(1AA)    
(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).

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.

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.

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.

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.

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.

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)

18A   (Repealed) SECTION 18A TRANSMISSION OF INFORMATION TO THE COMMISSIONER OF TAXATION  
(Repealed by No 84 of 1993)

19   (Repealed) SECTION 19 COMMISSIONER MAY PUBLISH STATISTICAL INFORMATION  
(Repealed by No 84 of 1993)

SECTION 20  

20   DELEGATION  
(Repealed by No 54 of 1998)

21   (Repealed) SECTION 21 TRANSITIONAL - ALTERED DEFINITION OF ELIGIBLE TERMINATION PAYMENT  
(Repealed by No 54 of 1998)

SECTION 22   REGULATIONS  

22(1)   [Matters to be prescribed]  

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.

22(2)