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This is a Bill, not an Act. For current law, see the Acts databases.


SUPERANNUATION (DEPARTING AUSTRALIA SUPERANNUATION PAYMENTS TAX) AMENDMENT BILL 2008

2008
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation (Departing Australia
Superannuation Payments Tax)
Amendment Bill 2008
No. , 2008
(Treasury)
A Bill for an Act to amend the Superannuation
(Departing Australia Superannuation Payments Tax)
Act 2007, and for related purposes
i Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008
No. , 2008
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Schedule(s) ......................................................................................... 2
Schedule 1--Amendme nts
3
Superannuation (Departing Australia Superannuation Payments Tax)
Act 2007
3
Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008
No. , 2008 1
A Bill for an Act to amend the Superannuation
1
(Departing Australia Superannuation Payments Tax)
2
Act 2007, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Superannuation (Departing Australia
6
Superannuation Payments Tax) Amendment Act 2008.
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2 Commence ment
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(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill
2008 No. , 2008
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Schedule 1
A single day to be fixed by Proclamation.
However, if any of the provision(s) do not
commence with in the period of 6 months
beginning on the day on which this Act
receives the Royal Assent, they commence
on the first day after the end of that period.
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
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3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amend ments Schedule 1
Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008
No. , 2008 3
1
Schedule 1
--
Amendments
2
3
Superannuation (Departing Australia Superannuation
4
Payments Tax) Act 2007
5
1 Section 3
6
Insert:
7
excess untaxed roll-over amount has the same meaning as in the
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Income Tax Assessment Act 1997.
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2 Section 3
10
Insert:
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roll-over superannuation benefit has the same meaning as in the
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Income Tax Assessment Act 1997.
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3 Section 5
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Before "The", insert "(1)".
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4 Paragraph 5(b)
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Omit "30%", substitute "35%".
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5 Paragraph 5(c)
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Omit "40%", substitute "45%".
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6 At the end of section 5
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Add:
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(2) However, if the departing Australia superannuation payment is a
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roll-over superannuation benefit paid under section 20H of the
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Superannuation (Unclaimed Money and Lost Members) Act 1999,
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the amount of the tax for the element untaxed in the fund of the
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taxable component of the payment is:
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(a) for the amount (if any) of the element that is not an excess
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untaxed roll-over amount--45%; and
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(b) for the amount (if any) of the element that is an excess
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untaxed roll-over amount--nil.
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Schedule 1 A mendments
4 Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill
2008 No. , 2008
Note:
The tax for the excess untaxed roll-over amount is set at nil to avoid
1
double taxation of that amount, which is also subject to tax under the
2
Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007.
3
7 Application of amendments of section 5
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The amendments of section 5 of the Superannuation (Departing
5
Australia Superannuation Payments Tax) Act 2007 made by this
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Schedule apply to departing Australia superannuation payments made
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on or after the commencement of this Schedule, except payments made
8
as a result of requests made before that commencement.
9
Note:
Section 5 of the Superannuation (Departing Australia Superannuation Payments Tax)
10
Act 2007 as in force before the commencement of this Schedule continues to apply to
11
payments made on or after that commencement as a result of requests made before that
12
commencement.
13

 


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