SENATE
SMALL SUPERANNUATION ACCOUNTS BILL 1995
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Ralph Willis, MP)THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES TO THE BILL AS INTRODUCED
Chapter 12 - Glossary of commonly used terms
12.1 This chapter sets out a brief discription of commonly used terms in the Bill. Some of these terms are explained in detail in chapters of this document. In such cases the terms will not be explained in this glossary, but a reference will be given to the chapter and paragraph where the term is discussed.
| Explanation of the terms | |
|---|---|
| Account | This term is considered in detail in chapter 3. |
| Dependant | In relation to an individual a dependant includes the spouse or any child of that individual. |
| Deposit | This term is considered in detail in chapter 4. |
| Deposit form | This term is considered in detail in chapter 4. |
| Depositor | This term simply refers to the person making a deposit. |
| Employee | This term is explained in chapter 1 at paragraph 1.24 to 1.27. |
| Employer | This term is explained in chapter 1 at paragraph 1.24 to 1.27. |
| Employment | This term has the common meaning as it relates to the relationship between an employer and an employee. |
| Person | This term has a specific meaning as it includes partnerships and unincorporated associations. The term is discussed in chapter 11 at paragraphs 11.2 and 11.3. |
| Quarter | This terms refers to a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April of the financial year commencing 1 July 1995 or any later financial year. |
| Regulated superannuation fund | This term has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . |
| Reserve | This term is considered in detail in chapter 2. |
| Spouse | In relation to an individual, spouse includes another person who, although not legally married to the individual, lives with the individual on a genuine domestic basis as the husband or wife of the person. |
| Superannuation accounts law | This refers to this Bill, the regulations and Part III of the Taxation Administration Act 1953 . |
| Superannuation contribution | This term refers to a contribution made to provide superannuation benefits for, or for the dependants of an individual. |
| Superannuation fund | This term means a provident, benefit, superannuation or retirement fund. |
| Superannuation scheme | This term refers to a scheme for the payment of superannuation, retirement or death benefits. |
| Tax file number | This term has the meaning given by section 202A of the Income Tax Assessment Act 1936 . |
| Unallocated Interest Pool | This term is discussed in detail in chapter 6. |
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