Tax Laws Amendment (Superannuation Contributions Splitting) Act 2005
(148 of 2005)
An Act in respect of taxation measures relating to superannuation, and for related purposes
[Assented to 14 December 2005]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as theTax Laws Amendment (Superannuation Contributions Splitting) Act 2005.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1 Superannuation contributions splitting
Income Tax Assessment Act 1936
1 Subsection 27A(1)
Insert:
contributions-splitting ETP , in relation to a taxpayer, means an amount:
(a) paid to a superannuation fund, approved deposit fund or life assurance company, or transferred within a superannuation fund, for the benefit of the taxpayer; and
(b) designated as a spouse contributions-splitting amount in regulations made for the purposes of this definition.
2 Subsection 27A(1) (at the end of paragraphs (a) and (b) of the definition of eligible service period )
Add “or”.
3 Subsection 27A(1) (after paragraph (b) of the definition of eligible service period )
Insert:
(ba) where the relevant eligible termination payment is an eligible termination payment by virtue of paragraph (bb) of the definition of eligible termination payment - a period of zero days; or
4 Subsection 27A(1) (at the end of paragraph (c) of the definition of eligible service period )
Add “or”.
5 Subsection 27A(1) (definition of eligible termination payment )
After “means”, insert “any of the following”.
6 Subsection 27A(1) (at the end of subparagraph (b)(i) of the definition of eligible termination payment )
Add “or”.
7 Subsection 27A(1) (at the end of subparagraph (b)(iii) of the definition of eligible termination payment )
Add “or”.
8 Subsection 27A(1) (after subparagraph (b)(iii) of the definition of eligible termination payment )
Insert:
(iv) that is a contributions-splitting ETP;
9 Subsection 27A(1) (after paragraph (ba) of the definition of eligible termination payment )
Insert:
(bb) an amount that is a contributions-splitting ETP;
10 Subsection 27A(1) (definition of eligible termination payment )
After “but does not include”, insert “any of the following”.
11 Subsection 27A(1) (paragraph (n) of the definition of eligible termination payment )
Omit “exertion; or”, substitute “exertion;”.
12 Subsection 27A(1) (sub-subparagraph (p)(ii)(B) of the definition of eligible termination payment )
Omit “or”.
13 Subsection 27A(1) (paragraphs (q) and (qa) of the definition of eligible termination payment )
Omit “or”.
14 Subsection 27A(1) (subparagraph (r)(ii) of the definition of eligible termination payment )
Omit “or”.
15 Subsection 27A(12)
After “if” (first occurring), insert “it is a contributions-splitting ETP or if”.
16 Subsection 27AB(1) (table item 2, column headed “ETP type”)
After “(b)”, insert “or (bb)”.
17 At the end of section 27D
Add:
(8) The regulations may:
(a) provide that, in circumstances prescribed by regulations for the purposes of this paragraph, an election under subsection (1) is taken to have been made in relation to a qualifying eligible termination payment that is a contributions-splitting ETP; and
(b) prescribe matters that are taken to be specified in such an election for the purposes of subsection (1); and
(c) prescribe such other matters as are necessary or convenient for the purposes of applying this section to such an election.
18 After section 27H
Insert:
27HA Information about contributions-splitting ETPs
(1) A person who pays a contributions-splitting ETP in a financial year must give the Commissioner a statement setting out the matters required by the regulations.
(2) The statement must be given:
(a) on or before 31 October in the next financial year; or
(b) by such later date (if any) as the Commissioner allows.
19 Subsection 82AAS(1)
Insert:
contributions-splitting ETP has the meaning given by subsection 27A(1).
20 At the end of subsection 82AAT(1B)
Add:
; (d) if:
(i) a person has made a contributions-splitting application in respect of contributions made to the fund during a year of income; and
(ii) the trustee of the fund has not rejected the application;
the person cannot give a notice in respect of those contributions.
Note: Paragraph (d) does not prevent a person from giving a notice under subsection (1A) before the person makes a contributions-splitting application in respect of the contributions.
21 After subsection 82AAT(1B)
Insert:
(1BA) In subsection (1B):
contributions-splitting application means an application designated in the regulations as a contributions-splitting application.
22 At the end of subsection 82AAT(1CC)
Add:
; (d) if:
(i) a person has made a contributions-splitting application in respect of contributions made to the RSA during a year of income; and
(ii) the provider of the RSA has not rejected the application;
the person cannot give a notice in respect of those contributions.
Note: Paragraph (d) does not prevent a person from giving a notice under subsection (1A) before the person makes a contributions-splitting application in respect of the contributions.
23 After subsection 82AAT(1CC)
Insert:
(1CCA) In subsection (1CC):
contributions-splitting application has the same meaning as in subsection (1BA).