Federal Register of Legislation - Australian Government

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Act No. 13 of 2007 as amended, taking into account amendments up to Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair Levy) Act 2014
An Act to impose tax on departing Australia superannuation payments, and for related purposes
Administered by: Treasury
Registered 04 Jul 2014
Start Date 25 Jun 2014
End Date 01 Dec 2016
Table of contents.

Description: Commonwealth Coat of Arms

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

No. 13, 2007 as amended

Compilation start date:                     25 June 2014

Includes amendments up to:            Act No. 51, 2014

 

About this compilation

This compilation

This is a compilation of the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 3 July 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

 

 

  

  

  


Contents

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

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

3............ Definitions.......................................................................................... 1

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

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

6............ Temporary budget repair levy............................................................. 2

Endnotes                                                                                                                                      4

Endnote 1—About the endnotes                                                                              4

Endnote 2—Abbreviation key                                                                                  6

Endnote 3—Legislation history                                                                               7

Endnote 4—Amendment history                                                                             8

Endnote 5—Uncommenced amendments [none]                                            9

Endnote 6—Modifications [none]                                                                           9

Endnote 7—Misdescribed amendments [none]                                               9

Endnote 8—Miscellaneous [none]                                                                          9


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

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.

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

roll‑over superannuation benefit 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

             (1)  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—35%;

                     (c)  for the element untaxed in the fund of the taxable component of the departing Australia superannuation payment—45%.

             (2)  However, if the departing Australia superannuation payment is a roll‑over superannuation benefit paid under subsection 20H(2), (2AA) or (2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, the amount of the tax for the element untaxed in the fund of the taxable component of the payment is:

                     (a)  for the amount (if any) of the element that is not an excess untaxed roll‑over amount—45%; and

                     (b)  for the amount (if any) of the element that is an excess untaxed roll‑over amount—nil.

Note:          The tax for the excess untaxed roll‑over amount is set at nil to avoid double taxation of that amount, which is also subject to tax under the Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007.

6  Temporary budget repair levy

             (1)  This section applies to departing Australia superannuation payments received in a temporary budget repair levy year.

             (2)  Increase:

                     (a)  the percentage mentioned in paragraph 5(1)(b) by 3 percentage points; and

                     (b)  the percentage mentioned in paragraph 5(1)(c) by 2 percentage points; and

                     (c)  the percentage mentioned in paragraph 5(2)(a) by 2 percentage points.

             (3)  In this section:

temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.


Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

 

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

 

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

 

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)

/sub‑subparagraph(s)

 

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

13, 2007

15 Mar 2007

1 July 2007

 

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2008

152, 2008

11 Dec 2008

Schedule 1: 1 Apr 2009 (see F2008L04639)
Remainder: Royal Assent

Sch. 1 (item 7)

Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013

88, 2013

28 June 2013

Sch 1 (item 19): Royal Assent

Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair Levy) Act 2014

51, 2014

25 June 2014

Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent

 

 

Endnote 4—Amendment history

 

Provision affected

How affected

s. 3.......................................

am. No. 152, 2008

s. 5.......................................

am. No. 152, 2008; No 88, 2013

s 6........................................

ad No 51, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]