Temporary Residents' Superannuation Legislation Amendment Act 2008 (151 of 2008)

Schedule 1   Amendments

Part 3   Income Tax Assessment Act 1997

36   At the end of section 307-220

Add:

(4) Subparagraph (2)(a)(i) does not apply to a *roll-over superannuation benefit that is a *departing Australia superannuation payment made under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Note 1: The whole departing Australia superannuation payment is included in the contributions segment of the superannuation interest, as none of the payment has been or will be included in the superannuation provider's assessable income.

Note 2: Including the whole payment in that segment, and thus the tax free component, of the superannuation interest ensures that the amount of the payment, which is taxed by the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007, does not attract more tax when paid as a superannuation benefit from the interest.