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This Act may be cited as the Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007.
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Commonwealth act
This Act creates a specific tax on “excess untaxed roll‑over amounts” (using the definition in the Income Tax Assessment Act 1997) when they form part of a roll‑over superannuation benefit. The tax is calculated as the income year’s top marginal tax rate plus 2 percentage points, with a further 2 percentage point increase if the benefit is treated as received in a temporary budget repair levy year.
It applies to individuals who receive such untaxed roll‑overs and to the payers or superannuation entities required to calculate and remit the tax.
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Direct links to the current provisions in Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007.
This Act may be cited as the Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007.
This Act commences on 1 July 2007.
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.
Tax payable on an excess untaxed roll‑over amount under section 306‑15 of the Income Tax Assessment Act 1997 is imposed.
(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 2%.
(1) This section applies if the roll‑over superannuation benefit that consists of, or includes, the excess untaxed roll‑over amount is taken to be received in a temporary budget repair levy year. (2) Increase the percentage worked out under subsection 5(2) by 2 percentage points for the purpose of working out the amount of the tax. (3) In this section:
roll‑over superannuation benefit has the same meaning as in the Income Tax Assessment Act 1997.
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007.
This Act commences on 1 July 2007.
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.
Tax payable on an excess untaxed roll‑over amount under section 306‑15 of the Income Tax Assessment Act 1997 is imposed.
(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 2%.
(1) This section applies if the roll‑over superannuation benefit that consists of, or includes, the excess untaxed roll‑over amount is taken to be received in a temporary budget repair levy year. (2) Increase the percentage worked out under subsection 5(2) by 2 percentage points for the purpose of working out the amount of the tax. (3) In this section:
roll‑over superannuation benefit has the same meaning as in the Income Tax Assessment Act 1997.
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.