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

Explanatory Statement

General Outline of Instrument

1. 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.
2. This instrument is made by the Commissioner of Taxation (the Commissioner) pursuant to section 15-15 of Schedule 1 to the Taxation Administration Act 1953 (TAA).
3. This is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

Date of effect

4.     The instrument applies from 12 September 2007.

What is this instrument about?

5.     This instrument corrects a technical error in the instrument signed on 25 September 2007 and registered with the Federal Register of Legislative Instruments on that same day.

6.     The error relates to the reference to subsection 32(1) of the Superannuation Industry (Supervision) Act 1993, which applies to an approved deposit fund, not a complying superannuation fund. The amendment makes this correction.

Legislative references:

Taxation Administration Act 1953

Legislative Instruments Act 2003

Income Tax Assessment Act 1997

Superannuation Industry (Supervision) Act 1993

Retirement Savings Accounts Act 1997