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This is a Bill, not an Act. For current law, see the Acts databases.
Presented and read a first time
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006
No. , 2006
(Treasury)
A Bill for an Act to impose tax on departing Australia superannuation payments, and for related purposes
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006 No. , 2006
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006 No. , 2006
Contents
1 Short title 1
2 Commencement 1
3 Definitions 2
4 Imposition of tax 2
5 Amount of tax 2
Section 3
Section 1
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006 No. , 2006
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006 No. , 2006
Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006 No. , 2006
A Bill for an Act to impose tax on departing Australia superannuation payments, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Superannuation (Departing Australia Superannuation Payments Tax) Act 2006.
2 Commencement
This Act commences on 1 July 2007.
3 Definitions
In this Act:
departing Australia superannuation payment has the same meaning as in the Income Tax Assessment Act 1997.
element taxed in the fund has the same meaning as in the Income Tax Assessment Act 1997.
element untaxed in the fund has the same meaning as in the Income Tax Assessment Act 1997.
taxable component has the same meaning as in the Income Tax Assessment Act 1997.
tax free component has the same meaning as in the Income Tax Assessment Act 1997.
4 Imposition of tax
Tax payable on a departing Australia superannuation payment under subsection 301-175(2) of the Income Tax Assessment Act 1997 is imposed.
5 Amount of tax
The amount of the tax is as follows:
(a) for the tax free component of the departing Australia superannuation payment--nil;
(b) for the element taxed in the fund of the taxable component of the departing Australia superannuation payment--30%;
(c) for the element untaxed in the fund of the taxable component of the departing Australia superannuation payment--40%.
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