Commonwealth: Tax Laws Amendment (Superannuation Contributions Splitting) Act 2005 (Cth)

Tax Laws Amendment (Superannuation Contributions Splitting) Act 2005 No. 148, 2005 An Act in respect of taxation measures relating to superannuation, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Superannuation contributions splitting Income Tax Assessment Act 1936 Tax Laws Amendment (Superannuation Contributions Splitting) Act 2005 No. 148, 2005 An Act in respect of taxation measures relating to superannuation, and for related purposes [Assented to 14 December 2005] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Tax Laws Amendment (Superannuation Contributions Splitting) Act 2005. 2 Commencement This Act commences on the day on which it receives the Royal Assent. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Superannuation contributions splitting Income Tax Assessment Act 1936 1 Subsection 27A(1) Insert: contributions‑splitting ETP, in relation to a taxpayer, means an amount: (a) paid to a superannuation fund, approved deposit fund or life assurance company, or transferred within a superannuation fund, for the benefit of the taxpayer; and (b) designated as a spouse contributions‑splitting amount in regulations made for the purposes of this definition. 2 Subsection 27A(1) (at the end of paragraphs (a) and (b) of the definition of eligible service period) Add "or". 3 Subsection 27A(1) (after paragraph (b) of the definition of eligible service period) Insert: (ba) where the relevant eligible termination payment is an eligible termination payment by virtue of paragraph (bb) of the definition of eligible termination payment—a period of zero days; or 4 Subsection 27A(1) (at the end of paragraph (c) of the definition of eligible service period) Add "or". 5 Subsection 27A(1) (definition of eligible termination payment) After "means", insert "any of the following". 6 Subsection 27A(1) (at the end of subparagraph (b)(i) of the definition of eligible termination payment) Add "or". 7 Subsection 27A(1) (at the end of subparagraph (b)(iii) of the definition of eligible termination payment) Add "or". 8 Subsection 27A(1) (after subparagraph (b)(iii) of the definition of eligible termination payment) Insert: (iv) that is a contributions‑splitting ETP; 9 Subsection 27A(1) (after paragraph (ba) of the definition of eligible termination payment) Insert: (bb) an amount that is a contributions‑splitting ETP; 10 Subsection 27A(1) (definition of eligible termination payment) After "but does not include", insert "any of the following". 11 Subsection 27A(1) (paragraph (n) of the definition of eligible termination payment) Omit "exertion; or", substitute "exertion;". 12 Subsection 27A(1) (sub-subparagraph (p)(ii)(B) of the definition of eligible termination payment) Omit "or". 13 Subsection 27A(1) (paragraphs (q) and (qa) of the definition of eligible termination payment) Omit "or". 14 Subsection 27A(1) (subparagraph (r)(ii) of the definition of eligible termination payment) Omit "or". 15 Subsection 27A(12) After "if" (first occurring), insert "it is a contributions‑splitting ETP or if". 16 Subsection 27AB(1) (table item 2, column headed "ETP type") After "(b)", insert "or (bb)". 17 At the end of section 27D Add: (8) The regulations may: (a) provide that, in circumstances prescribed by regulations for the purposes of this paragraph, an election under subsection (1) is taken to have been made in relation to a qualifying eligible termination payment that is a contributions‑splitting ETP; and (b) prescribe matters that are taken to be specified in such an election for the purposes of subsection (1); and (c) prescribe such other matters as are necessary or convenient for the purposes of applying this section to such an election. 18 After section 27H Insert: 27HA Information about contributions‑splitting ETPs (1) A person who pays a contributions‑splitting ETP in a financial year must give the Commissioner a statement setting out the matters required by the regulations. (2) The statement must be given: (a) on or before 31 October in the next financial year; or (b) by such later date (if any) as the Commissioner allows. 19 Subsection 82AAS(1) Insert: contributions‑splitting ETP has the meaning given by subsection 27A(1). 20 At the end of subsection 82AAT(1B) Add: ; (d) if: (i) a person has made a contributions‑splitting application in respect of contributions made to the fund during a year of income; and (ii) the trustee of the fund has not rejected the application; the person cannot give a notice in respect of those contributions. Note: Paragraph (d) does not prevent a person from giving a notice under subsection (1A) before the person makes a contributions‑splitting application in respect of the contributions. 21 After subsection 82AAT(1B) Insert: (1BA) In subsection (1B): contributions‑splitting application means an application designated in the regulations as a contributions‑splitting application. 22 At the end of subsection 82AAT(1CC) Add: ; (d) if: (i) a person has made a contributions‑splitting application in respect of contributions made to the RSA during a year of income; and (ii) the provider of the RSA has not rejected the application; the person cannot give a notice in respect of those contributions. Note: Paragraph (d) does not prevent a person from giving a notice under subsection (1A) before the person makes a contributions‑splitting application in respect of the contributions. 23 After subsection 82AAT(1CC) Insert: (1CCA) In subsection (1CC): contributions‑splitting application has the same meaning as in subsection (1BA). [Minister's second reading speech made in— House of Representatives on 12 October 2005 Senate on 28 November 2005] (164/05)