Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013

No. 87, 2013

An Act to impose tax on certain superannuation contributions, and for related purposes

Contents

1 Short title

2 Commencement

3 Definitions

4 Imposition of tax

5 Amount of tax

6 Severability

Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013

No. 87, 2013

An Act to impose tax on certain superannuation contributions, and for related purposes

[Assented to 28 June 2013]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.

2 Commencement

This Act commences on the day this Act receives the Royal Assent.

3 Definitions

In this Act:

income year has the same meaning as in the Income Tax Assessment Act 1997.

taxable contributions has the same meaning as in the Income Tax Assessment Act 1997.

4 Imposition of tax

Tax payable under section 293‑15 of the Income Tax Assessment Act 1997 is imposed.

5 Amount of tax

The amount of the tax is 15% of a person’s taxable contributions for an income year.

6 Severability

If, apart from this section, section 4 would impose, in relation to a person, a tax the imposition of which in relation to the person would exceed the legislative power of the Commonwealth, section 4 has effect as if it did not impose that tax in relation to the person.