Superannuation (Excess Transfer Balance Tax) Imposition Act 2016

The Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 (Act) imposes excess transfer balance tax on individuals with an excess transfer balance in their superannuation accounts. The Act defines the terms "excess transfer balance period" and "notional earnings" and specifies the amount of tax payable, which is either 30% or 15% of the person's notional earnings, depending on certain circumstances.

The Act also provides for the commencement of the tax and specifies that any information in column 3 of the table is not part of the Act. Additionally, the Act includes a severability clause to ensure that the tax imposed is within the legislative power of the Commonwealth.

The Act was assented to on November 29, 2016, and commenced on January 1, 2017, in accordance with Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016.