SUPERANNUATION (EXCESS NON-CONCESSIONAL CONTRIBUTIONS TAX) ACT 2007

SECTION 1  

1   SHORT TITLE  
This Act may be cited as the Superannuation (Excess Non-concessional Contributions Tax) Act 2007.

SECTION 2  

2   COMMENCEMENT  
This Act commences on the day on which it receives the Royal Assent.

SECTION 3  

3   DEFINITIONS  
In this Act:

excess non-concessional contributions
has the same meaning as in the Income Tax Assessment Act 1997.

financial year
has the same meaning as in the Income Tax Assessment Act 1997.

SECTION 4  

4   IMPOSITION OF TAX  
Excess non-concessional contributions tax payable under section 292-80 of the Income Tax Assessment Act 1997 is imposed.

SECTION 5  

5   AMOUNT OF TAX  

The amount of the tax is 47% of a person's excess non-concessional contributions for a financial year.

SECTION 6   TEMPORARY BUDGET REPAIR LEVY  

6(1)    
This section applies to the temporary budget repair levy years.

6(2)    
Increase the percentage mentioned in section 5 by 2 percentage points.

Increase limited if certain contributions already taxed

6(3)    
However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person's excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:

(a) income tax;

(b) excess non-concessional contributions tax.

Definitions

6(4)    
In this section:

excess concessional contributions
has the same meaning as in the Income Tax Assessment Act 1997.

income tax
has the same meaning as in the Income Tax Assessment Act 1997.

temporary budget repair levy year
has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.