2004-2005-2006

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006

No. , 2006

(Treasury)

A Bill for an Act to impose tax on excess untaxed roll-over amounts of superannuation benefits, and for related purposes




Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006 No. , 2006

Superannuation (Excess Untaxed Roll-over Amounts 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 (Excess Untaxed Roll-over Amounts Tax) Bill 2006 No. , 2006

Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006 No. , 2006

Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006 No. , 2006
A Bill for an Act to impose tax on excess untaxed roll-over amounts of superannuation benefits, and for related purposes
The Parliament of Australia enacts:

 

1 Short title

This Act may be cited as the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2006.

 

2 Commencement

This Act commences on 1 July 2007.

 

3 Definitions

In this Act:

excess untaxed roll-over amount has the same meaning as in the Income Tax Assessment Act 1997.

income year has the same meaning as in the Income Tax Assessment Act 1997.

 

4 Imposition of tax

Tax payable on an excess untaxed roll-over amount under section 306-15 of the Income Tax Assessment Act 1997 is imposed.

 

5 Amount of tax

    (1) The amount of the tax is the percentage mentioned in subsection (2) of the excess untaxed roll-over amount.

    (2) Work out the percentage in the following way:

        (a)   first, work out the maximum rate specified in column 3 of the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 that applies for the income year;

        (b)   next, add 1.5%.

 

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