Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

No. 13, 2007

An Act to impose tax on departing Australia superannuation payments, and for related purposes

Contents

1 Short title

2 Commencement

3 Definitions

4 Imposition of tax

5 Amount of tax

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

No. 13, 2007

An Act to impose tax on departing Australia superannuation payments, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007.

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%.

 [Minister’s second reading speech made in—

House of Representatives on 7 December 2006

Senate on 26 February 2007]