Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007, 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 12 Oct 2016
Introduced HR 12 Oct 2016
Table of contents.

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2016

 

No.      , 2016

 

(Treasury)

 

 

 

A Bill for an Act to amend the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007, and for related purposes

  

  


Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007             3

 

 


A Bill for an Act to amend the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2016.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

At the same time as Part 1 of Schedule 1 to the Income Tax Rates Amendment (Working Holiday Maker Reform) Act 2016 commences.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Amendments

  

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

1  At the end of section 5

Add:

             (3)  Despite subsections (1) and (2), if the departing Australia superannuation payment:

                     (a)  is paid to a person on or after 1 July 2017; and

                     (b)  includes amounts attributable to superannuation contributions made while the person was a working holiday maker (within the meaning of the Income Tax Rates Act 1986);

those subsections apply as if the percentages in paragraphs (1)(b) and (c) and (2)(a) were 95%.