Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to impose tax on departing Australia superannuation payments, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 19 Dec 2006
Introduced HR 07 Dec 2006

2004‑2005‑2006

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

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

  

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Definitions.......................................................................................... 2

4............ Imposition of tax................................................................................ 2

5............ Amount of tax..................................................................................... 2

 


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%.