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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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