Tax Laws Amendment (2009 Measures No. 1) Act 2009 (27 of 2009)
Schedule 2 Unclaimed superannuation money
Part 2 Other amendments
Income Tax Assessment Act 1997
49 Section 307-142
Repeal the section, substitute:
307-142 Components of certain unclaimed money payments
Preliminary
(1) This section explains how to work out the *tax free component, and the *taxable component, of a *superannuation benefit that is a payment by the Commissioner under subsection 17(2) or section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.
Tax free component
(2) Work out the *tax free component as follows:
Method statement
Step 1. Work out the amount (the unclaimed amount ) (or amounts), set out in column 1 of the table in subsection (3), to which the *superannuation benefit is attributable.
Note: A payment made under subsection 17(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is attributable to a single unclaimed amount set out in item 1 or 2 of the table.
A payment under section 20H of that Act may be attributable to more than one unclaimed amount.
Step 2. Assume that the unclaimed amount (or each unclaimed amount), instead of being paid to the Commissioner, had been paid to the person as the payment (the claimed equivalent ) set out in column 2 of the table.
Step 3. The *tax free component of the *superannuation benefit consists of so much of the superannuation benefit as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable to the amounts set out in that column for the claimed equivalents).
(3) This is the table mentioned in subsection (2):
|
Tax free component |
|||
|---|---|---|---|
|
Item |
Column 1 Unclaimed amount |
Column 2 Claimed equivalent |
Column 3 Tax free component of claimed equivalent |
|
1 |
an amount paid, on or after 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person |
a *superannuation benefit paid from a *superannuation plan |
the *tax free component of that superannuation benefit |
|
2 |
an amount paid, before 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person |
an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936, as in force just before 1 July 2007) |
the total of the components, of that eligible termination payment, referred to in subsection 307-225(2) of this Act |
|
3 |
an amount paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person (other than an amount referred to in section 65AA of the Superannuation Guarantee (Administration) Act 1992) |
a *superannuation benefit paid from a *superannuation plan |
the *tax free component of that superannuation benefit |
Note 1: Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
The effect of excluding such shortfall components from item 3 of the table in this subsection is that the taxable component includes so much of the superannuation benefit as is attributable to such a shortfall component.
Note 2: The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
The effect of this is that the taxable component includes so much of the superannuation benefit as is attributable to such interest.
Taxable component
(4) The *taxable component is so much (if any) of the *superannuation benefit as is not the *tax free component.