Bill
Excess Exploration Credit Tax Bill 2014
passed, as at 2015-03-19. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-12-04
- second reading — 2014-12-04
- second reading — 2015-02-24
- second reading — 2015-02-25
- second reading — 2015-02-25
- third reading — 2015-02-25
- introduced — 2015-03-02
- second reading — 2015-03-02
- second reading — 2015-03-03
- second reading — 2015-03-03
- committee — 2015-03-03
- third reading — 2015-03-03
- passed — 2015-03-03
- royal assent — 2015-03-19
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-12-04.
This bill is part of a package that changes the tax treatment of excess non-concessional contributions to superannuation.
The package would remove the excess non-concessional contributions tax when individuals withdraw the excess from superannuation, with associated earnings taxed at the individual's marginal rate and a 15% non-refundable tax offset available.
The tax would still apply to excess contributions that remain in the superannuation plan.
- Removes the excess non-concessional contributions tax for individuals who withdraw the excess and associated earnings from superannuation.
- Includes associated earnings in assessable income taxed at the individual's marginal rate with a 15% non-refundable tax offset.
- Imposes the excess non-concessional contributions tax on excess contributions left in the superannuation plan.
Individuals who make excess non-concessional contributions to superannuation.
Sources
em
billhome
frl act