Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 1   Interest on unclaimed money

Part 1   Superannuation

Income Tax Assessment Act 1997

11   After subsection 307-142(3A)

Insert:

(3B) The *tax free component is the amount of the benefit, if the *superannuation benefit is paid under subsection 17(2AB) or (2AC), 20H(2AA) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).

(3C) Despite subsection (3B), the *tax free component is nil, if the *superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest) in respect of a person who:

(a) is a former temporary resident (within the meaning of that Act) when the payment is made; or

(b) if the person died before the payment is made - was a former temporary resident just before dying.