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

Schedule 1   Amendments

Part 3   Income Tax Assessment Act 1997

37   At the end of Subdivision 307-E

Add:

307-300 Superannuation benefits paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999

(1) This section explains how to work out the *element taxed in the fund, and the*element untaxed in the fund, of 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 element taxed in the fund is so much (if any) of the *taxable component 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 elements taxed in the fund of the taxable components of those superannuation benefits.

(3) The element untaxed in the fund is so much (if any) of the *taxable component 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 elements untaxed in the fund of the taxable components of those superannuation benefits;

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