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

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

No. 12, 2007 as amended

Compilation start date:  25 June 2014

Includes amendments up to: Act No. 53, 2014

About this compilation

This compilation

This is a compilation of the Superannuation (Excess Untaxed Roll-over Amounts 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

2 Commencement

3 Definitions

4 Imposition of tax

5 Amount of tax

6 Temporary budget repair levy

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]

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

1  Short title

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

2  Commencement

  This Act commences on 1 July 2007.

3  Definitions

  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.

4  Imposition of tax

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

5  Amount of tax

 (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%.

6  Temporary budget repair levy

 (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.

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

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]