Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to deductions and rebates for personal contributions to superannuation funds

16   Interpretation

Section 267 of the Principal Act is amended:

(a) by omitting from subsection (1) the definition of "superannuation agreement contribution" and substituting the following definition:
        

"'superannuation agreement contribution', in relation to a person (the 'eligible person'), means an eligible superannuation contribution made in relation to the eligible person under:

(a) a superannuation agreement that has been made or ratified by an industrial tribunal in accordance with the Commission's superannuation principles; or

(b) an agreement that:

(i) is a superannuation agreement that has not been ratified by an industrial tribunal; and

(ii) was entered into in connection with and, in the opinion of the Commissioner, is identical or nearly identical to, another superannuation agreement that:

(A) has been made or ratified by an industrial tribunal in accordance with the Commission's superannuation principles; and

(B) relates to persons engaged in the same industry as the industry in which the eligible person is engaged;";

(b) by inserting in subsection (1) the following definitions:
        

"'Commission's superannuation principles' means:

(a) the principles relating to the making or ratification of superannuation agreements set out in a decision given on 26 June 1986 by the Australian Conciliation and Arbitration Commission in a National Wage Case; or

(b) if those principles are varied by:

(i) the Australian Conciliation and Arbitration Commission; or

(ii) the Australian Industrial Relations Commission;

in a subsequent National Wage Case-those principles as so varied;

'eligible superannuation contributions', in relation to a person, means contributions made (otherwise than by the person) to a complying superannuation fund or funds to obtain superannuation benefits for the person or, in the event of the death of the person, for the dependants of the person;

'industrial tribunal' means an industrial tribunal constituted under a law of the Commonwealth or of a State or Territory;

'superannuation agreement' means an agreement, award, determination or order that requires the making of eligible superannuation contributions in relation to persons engaged in a particular industry;".