Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 (Cth)

Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007

No. 12, 2007

An Act to impose tax on excess untaxed roll‑over amounts of superannuation benefits, and for related purposes

Contents

Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007

No. 12, 2007

An Act to impose tax on excess untaxed roll‑over amounts of superannuation benefits, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Superannuation (Excess Untaxed Roll‑over Amounts Tax) Act 2007.

2Commencement

This Act commences on 1 July 2007.

3Definitions

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.

4Imposition of tax

Tax payable on an excess untaxed roll‑over amount under section 306‑15 of the Income Tax Assessment Act 1997 is imposed.

5Amount of tax

1. (1)

   The amount of the tax is the percentage mentioned in subsection (2) of the excess untaxed roll‑over amount.

2. (2)

   Work out the percentage in the following way:

   1. (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;

   2. (b)

      next, add 1.5%.

[Minister’s second reading speech made in—

House of Representatives on 7 December 2006

Senate on 26 February 2007]

(206/06)