SUPERANNUATION (EXCESS CONCESSIONAL CONTRIBUTIONS TAX) ACT 2007 (REPEALED)

SECTION 1

1 SHORT TITLE
This Act may be cited as the Superannuation (Excess 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 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 concessional contributions tax payable under section 292-15 of the Income Tax Assessment Act 1997 is imposed.

SECTION 5

5 AMOUNT OF TAX
The amount of the tax is 32% of a person's excess concessional contributions for a financial year.