Tax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014

(6 of 2014)

19 February 2014

Income Tax Assessment Act 1997; Superannuation Guarantee (Administration) Act 1992

1   Name of regulation

This regulation is theTax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014.

2   Commencement

This regulation commences on the day after it is registered.

3   Authority

This regulation is made under the following Acts:

(a) theIncome Tax Assessment Act 1997;

(b) theSuperannuation Guarantee (Administration) Act 1992.

4   Schedule(s)

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1   Calculating defined benefit contributions

Income Tax Assessment Regulations 1997

1   Before Subdivision 293-E

Insert:

Subdivision 293-D - Modifications for defined benefit interests

293-115.01 Method of determining amount of defined benefit contributions

For subsection 293-115(1) of the Act, the amount of defined benefit contributions for an individual in the 2012-2013 financial year in respect of a defined benefit interest is the individual's notional taxed contributions for the defined benefit interest for that financial year.

Note: The amount of defined benefit contributions in respect of a defined benefit interest in a constitutionally protected fund is nil for the 2012-2013 financial year.

2   At the end of Part 5

Add:

910-1.04 Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014

The amendment of these Regulations made by item 1 of Schedule 1 to the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014 applies on and after 1 July 2012.

Schedule 2   Public sector superannuation funds

Superannuation Guarantee (Administration) Regulations 1993

1   Regulation 9B

Repeal the regulation, substitute:

9B Contributions under prescribed legislation

For subsection 32C(9) of the Act, a contribution to a fund by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if the contribution is made under a law set out in an item in the following table during the period set out in the item.

2   Schedule 2

Repeal the Schedule.

Schedule 3   Approved clearing houses

Superannuation Guarantee (Administration) Regulations 1993

1   Regulation 7AE

Repeal the regulation, substitute:

7AE Approved clearing houses

For subsection 79A(3) of the Act, each of the following bodies is an approved clearing house :

(a) the Department administered by the Minister administering the Human Services (Medicare) Act 1973;

(b) the Australian Taxation Office.