Taxation Administration Act 1953 Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits Amendment (No. 1) 2007 (Cth)

Taxation Administration Act

Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits Amendment (No. 1) 2007

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, make this instrument under section 15-15 of Schedule 1 to the Taxation Administration Act 1953.

Dated: 3 October 2007

Signed Erin Holland

Deputy Commissioner of Taxation

1              Name of instrument

This instrument is the Taxation Administration Act - Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits Amendment (No.1) 2007.

2Commencement

This instrument commences on 12 September 2007 and ceases to have effect on 1 July 2008.

3Purpose

This instrument amends the Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits (F2007L03872) registered on the Federal Register of Legislative Instruments on Tuesday, 25 September 2007.

4Amendment to Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits

The third sub paragraph of paragraph 4 of the relevant instrument is to be amended. It previously read:

§   paid to a member in accordance with the payment standards prescribed in:

o in the case of a benefit paid from a complying superannuation fund – subsection 31(1) of the Superannuation Industry (Supervision) Act 1993, or

o in the case of a benefit paid from a complying superannuation fund – subsection 32(1) of that Act, or

o in the case of a benefit paid from a retirement savings account – subsection 38(2) of the Retirement Savings Accounts Act 1997

in circumstances where the member is terminally ill.

This paragraph is amended by omitting the second reference to “a complying superannuation fund” and replacing that reference with “an approved deposit fund”.