Bills Digest 126 1996-97
Superannuation Contributions Surcharge (Application to the Commonwealth)
Bill 1997
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
any official legal status. Other sources should be consulted to determine
the subsequent official status of the Bill.
CONTENTS
Superannuation Contributions Surcharge (Application to the Commonwealth)
Bill 1997
Date Introduced: 13 February 1997
House: House of Representatives
Portfolio: Treasury
Commencement: Royal Assent
To provide for the application of the superannuation contributions surcharge
(the surcharge) on contributions of members of non-contributory Commonwealth
superannuation schemes.
The reader is referred to the Digest for the Superannuation Contributions
Surcharge (Assessment and Collection) Bill 1997.
The provisions of this Bill provide for the application of the surcharge
on contributions of members of non-contributory Commonwealth superannuation
schemes.
Clause 4 provides that the provisions of this Bill will apply:
- where a trustee of an unfunded defined benefits superannuation scheme
is a Commonwealth officer, authority or agent (Note: The term 'unfunded
defined benefits superannuation scheme' is defined in the Superannuation
Contribution Surcharge (Assessment and Collection) Bill 1997 to mean
a scheme where some or all contributions are not made until the member
becomes entitled to receive them); and
- if the trustee is not a Commonwealth officer, authority or agent they
would be liable to pay the surcharge on superannuation contributions
for a financial year for a member of the scheme; and
- there are no superannuation contributions payable to the trustee for
or by the member under the scheme.
Where a trustee falls within the above circumstances they will be taken
not to be an officer, authority or agent of the Commonwealth in their
capacity as trustee of the particular superannuation scheme (clause
5).
Clause 6 provides the Minister for Finance with power to issue
directions to a trustee for the discharge of their liability to pay the
surcharge. In particular, the Minister for Finance may give directions
about the transfer of money within the Public Account (Note: All monies
received by the Commonwealth must be kept in the Commonwealth Public Account.
This 'bank account' of the Commonwealth consists of three main funds,
the Consolidated Revenue Fund, the Trust Fund (which contains a large
number of individual trust accounts) and the Loan Fund. Directions of
the Minister for Finance under clause 6 are not subject to disallowance
by Parliament.
Compliance with a direction of the Minister for Finance under clause
6 discharges the trustee's liability to pay the surcharge (clause
7).
Chris Field
Ian Ireland
3 April 1997
Bills Digest Service
Information and Research Services
This Digest does not have any official legal status. Other sources should
be consulted to determine whether the Bill has been enacted and, if so,
whether the subsequent Act reflects further amendments.
IRS staff are available to discuss the paper's contents with Senators
and Members and their staff but not with members of the public.
ISSN 1323-9031
Commonwealth of Australia 1996
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Published by the Department of the Parliamentary Library, 1997.
This page was prepared by the Parliamentary Library, Commonwealth of
Australia
Last updated: 10 April 1997
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