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Short title
1 Short title
This Act may be cited as the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007.
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Commonwealth act
This Act imposes a tax on excess non‑concessional superannuation contributions, set at 47% of the excess (rising by 2 percentage points in designated "temporary budget repair levy years," subject to a 95% cap interacting with income tax). It applies to individuals and entities who exceed annual non‑concessional caps and relies on cross‑references to the Income Tax Assessment Act 1997 for definitions and calculation, raising the immediate cost and compliance complexity of excess contributions.
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Direct links to the current provisions in Superannuation (Excess Non-concessional Contributions Tax) Act 2007.
This Act may be cited as the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
excess non‑concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
financial year has the same meaning as in the Income Tax Assessment Act 1997.
Excess non‑concessional contributions tax payable under section 292‑80 of the Income Tax Assessment Act 1997 is imposed.
The amount of the tax is 47% of a person’s excess non‑concessional contributions for a financial year.
(1) This section applies to the temporary budget repair levy years. (2) Increase the percentage mentioned in section 5 by 2 percentage points. Increase limited if certain contributions already taxed (3) However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person’s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions: (a) income tax; (b) excess non‑concessional contributions tax. Definitions (4) In this section:
excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
income tax has the same meaning as in the Income Tax Assessment Act 1997.
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
excess non‑concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
financial year has the same meaning as in the Income Tax Assessment Act 1997.
Excess non‑concessional contributions tax payable under section 292‑80 of the Income Tax Assessment Act 1997 is imposed.
The amount of the tax is 47% of a person’s excess non‑concessional contributions for a financial year.
(1) This section applies to the temporary budget repair levy years. (2) Increase the percentage mentioned in section 5 by 2 percentage points. Increase limited if certain contributions already taxed (3) However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person’s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions: (a) income tax; (b) excess non‑concessional contributions tax. Definitions (4) In this section:
excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
income tax has the same meaning as in the Income Tax Assessment Act 1997.
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.