Commonwealth legislation

Superannuation Act 1976 (Tax on Productivity Transfers) Determination No. 2

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This determination sets the tax on “productivity transfers” under paragraph 110Q(1)(e) of the Superannuation Act 1976 at 15% of the relevant amount and requires that sum to be paid or transferred to the Commissioner. It takes effect on 1 January 1992. It also revokes the earlier Determination No.1 and treats that prior instrument as never having applied to people who ceased to be eligible employees before this determination commenced. Trustees/funds must remit the 15% and eligible employees and the Commissioner are the parties directly affected.

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Superannuation Act 1976 (Tax on Productivity Transfers) Determination No. 2

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1976

DETERMINATION

The Commonwealth Superannuation Board of Trustees No. 2, pursuant to subsection 110Q(1A) of the Superannuation Act 1976 and for the purposes of paragraph 110Q(1)(e) of that Act, DETERMINES as follows:

Citation

This determination may be cited as the "Superannuation Act 1976 (Tax on Productivity Transfers) Determination No. 2".

Previous Determination

The “Superannuation Act 1976 (Tax on Productivity Transfers) Determination No.1”, made by the Commonwealth Superannuation Board of Trustees No. 2 in relation to paragraph 110Q(1)(e) of the Act on 5 September 1991, is revoked and deemed never to have applied in relation to a person who ceased to be an eligible employee before the Commencement of this determination.

Commencement

This determination shall take effect on and from 1 January 1992.

Interpretation

(1) In this determination:

“Act” means the Superannuation Act 1976.

(2) Words and expressions defined in s.3(1) and s.110A of the Act have the same meaning in this determination.

Amount of Tax on Productivity Contributions

The amount in the nature of income tax relevant to a portion or the whole of an amount referred to in paragraph 110Q(1)(e) of the Act upon which tax is liable to be paid and which is paid or transferred to the Commissioner shall be 15 per cent of that amount.

R.L. Brown

....................

R.L. Brown

(Chairperson)

G.N. Vanthoff M. Crompton

.................... ....................

G.N. Vanthoff M. Crompton

(Member) (Alternate Member for P.J. Barrett)

D.C. Leaver J.A. Flitcroft

.................... ....................

D.C. Leaver J.A. Flitcroft

(Member) (Member)

A.J. McKenzie C. Savage

.................... ....................

A.J. McKenzie C. Savage

(Member) (Alternate Member for R.J. Walters)

The Common Seal of the Commonwealth Superannuation Board of Trustees No. 2 was hereunto affixed by authority of the Board.

Dated this fifth day of December 1991

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation Act 1976 (Tax on Productivity Transfers) Determination No. 2

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1976

DETERMINATION

Citation

This determination may be cited as the "Superannuation Act 1976 (Tax on Productivity Transfers) Determination No. 2".

Previous Determination

The “Superannuation Act 1976 (Tax on Productivity Transfers) Determination No.1”, made by the Commonwealth Superannuation Board of Trustees No. 2 in relation to paragraph 110Q(1)(e) of the Act on 5 September 1991, is revoked and deemed never to have applied in relation to a person who ceased to be an eligible employee before the Commencement of this determination.

Commencement

This determination shall take effect on and from 1 January 1992.

Interpretation

(1) In this determination:

“Act” means the Superannuation Act 1976.

(2) Words and expressions defined in s.3(1) and s.110A of the Act have the same meaning in this determination.

Amount of Tax on Productivity Contributions

The amount in the nature of income tax relevant to a portion or the whole of an amount referred to in paragraph 110Q(1)(e) of the Act upon which tax is liable to be paid and which is paid or transferred to the Commissioner shall be 15 per cent of that amount.

R.L. Brown

....................

R.L. Brown

(Chairperson)

G.N. Vanthoff M. Crompton

.................... ....................

G.N. Vanthoff M. Crompton

(Member) (Alternate Member for P.J. Barrett)

D.C. Leaver J.A. Flitcroft

.................... ....................

D.C. Leaver J.A. Flitcroft

(Member) (Member)

A.J. McKenzie C. Savage

.................... ....................

A.J. McKenzie C. Savage

(Member) (Alternate Member for R.J. Walters)

The Common Seal of the Commonwealth Superannuation Board of Trustees No. 2 was hereunto affixed by authority of the Board.