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

 

 

 

 

 

 

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

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Definitions.......................................................................................... 2

4............ Imposition of tax................................................................................ 2

5............ Amount of tax..................................................................................... 2

 



 

 

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:

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 1.5%.



 

 

[ Minister’s second reading speech made in—

House of Representatives on 7 December 2006

Senate on 26 February 2007 ]

(206/06)