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

Administered by Department of the Treasury

Legislation au C2007A00012 In force Act

Legislation content

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

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)

/sub‑subparagraph(s)

 

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

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

12, 2007

15 Mar 2007

1 July 2007

 

Superannuation (Excess Untaxed Roll‑over Amounts Tax) Amendment (DisabilityCare Australia) Act 2013

45, 2013

28 May 2013

Schedule 1: 28 May 2013 (see s. 2(1))
Remainder: Royal Assent

Sch. 1 (item 2)

Superannuation (Excess Untaxed Roll‑over Amounts Tax) Amendment (Temporary Budget Repair Levy) Act 2014

53, 2014

25 June 2014

Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

s. 5.....................

am. No. 45, 2013

s 6.....................

ad No 53, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]

 

 

 

Overview

The Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 was enacted by the Australian Parliament to address the issue of untaxed amounts within superannuation roll-overs. The primary objective of this legislation is to impose a tax on excess untaxed roll-over amounts of superannuation benefits, thereby ensuring that these amounts are appropriately taxed. This Act supplements the existing framework under the Income Tax Assessment Act 1997 by specifically targeting and taxing excess untaxed amounts in superannuation roll-overs, aiming to maintain the integrity of the superannuation system and the tax base. The Act came into force on 1 July 2007, and it has since been amended to adapt to evolving fiscal policies, including the introduction of a temporary budget repair levy.

Scope and Application

The Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 applies to the imposition of tax on excess untaxed roll-over amounts of superannuation benefits. The Act specifically targets individuals and entities who have excess untaxed amounts from rollovers of superannuation benefits, aligning with the definitions provided in the Income Tax Assessment Act 1997. The tax applies nationally within Australia, and its application is governed by the Commonwealth jurisdiction. The Act may be subject to amendments and modifications through subordinate instruments, which could extend or restrict its application. However, as of the latest compilation, there are no uncommenced amendments or modifications affecting the Act. The Act's application is straightforward, focusing on the calculation of tax on excess untaxed roll-over amounts with specific percentages adjusted for temporary budget repair levies where applicable.

Key Provisions

The Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 (sections 4 and 5) imposes a tax on excess untaxed roll-over amounts of superannuation benefits. This tax applies when such amounts are subject to taxation under section 306-15 of the Income Tax Assessment Act 1997. The amount of tax imposed is calculated as a percentage of the excess untaxed roll-over amount, determined by adding 2% to the maximum rate specified in the Income Tax Rates Act 1986 for the relevant income year (section 5(1) and (2)). If the roll-over superannuation benefit is received in a temporary budget repair levy year, the tax rate is increased by an additional 2% (section 6). Under this Act, entities and individuals subject to the tax must ensure compliance with the specified tax rate and calculation methods. They must accurately identify and report the excess untaxed roll-over amounts, as defined in the Income Tax Assessment Act 1997, and apply the relevant tax percentage accordingly. For those receiving benefits in a temporary budget repair levy year, an additional increment to the tax rate must be factored into their calculations. Failure to comply with the tax obligations stipulated in this Act can result in various civil and criminal consequences. Breaches may lead to penalties, which can include fines or imprisonment, depending on the severity and intent behind the non-compliance. The specific penalties are not detailed in the provided text, but they are outlined in the relevant tax legislation and administrative guidelines. It is essential for affected parties to understand and adhere to the precise requirements to avoid potential legal repercussions.

Legal classification tags

Area of Law
Taxation Law
Instrument
Act
Concepts
Definitions & Interpretation
Commencement Provisions
Amount of tax
Temporary budget repair levy

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.