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

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)(a) of that Act, DETERMINES as follows:

Citation

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

Previous Determination

2. The "Superannuation Act 1976 (Tax on Productivity Contributions) Determination No.1", made by the Commonwealth Superannuation Board of Trustees No. 2 in relation to paragraph 110Q(1)(a) 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

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

Interpretation

4. (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

5. The amount in the nature of income tax relevant to a productivity contribution shall be 15 per cent of that contribution.

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)