Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 (Cth)

Superannuation (Excess Transfer Balance Tax) Imposition Act 2016

No. 80, 2016

An Act to impose excess transfer balance tax, and for related purposes

Contents 1 Short title 2 Commencement 3 Definitions 4 Imposition of tax 5 Amount of tax 6 Severability

Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 No. 80, 2016

An Act to impose excess transfer balance tax, and for related purposes

[Assented to 29 November 2016]

The Parliament of Australia enacts:

1 Short title This Act is the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016.

2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act At the same time as Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 commences. 1 January 2017 However, the provisions do not commence at all if that Schedule does not commence.

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Definitions In this Act: excess transfer balance period has the same meaning as in the Income Tax Assessment Act 1997. notional earnings means the sum worked out under subsection 294‑230(3) of the Income Tax Assessment Act 1997 for the excess transfer balance period.