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

Schedule 1   Amendments

Part 3   Income Tax Assessment Act 1997

35   After section 307-140

Insert:

307-142 Components of payments under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999

(1) This section explains how to work out the *tax free component, and the *taxable component, of a *superannuation benefit that is a payment under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.

(2) The *tax free component is so much of the payment as is attributable to so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the tax free components of those superannuation benefits.

(3) The *taxable component is so much of the payment as is attributable to either or both of the following:

(a) so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the taxable components of those superannuation benefits;

(b) subsection 20H(2A) of that Act (which is about interest payable in certain circumstances).