SUPERANNUATION (EXCESS UNTAXED ROLL-OVER AMOUNTS TAX) ACT 2007

SECTION 1  

1   SHORT TITLE  
This Act may be cited as the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007.

SECTION 2  

2   COMMENCEMENT  
This Act commences on 1 July 2007.

SECTION 3  

3   DEFINITIONS  
In this Act:

excess untaxed roll-over amount
has the same meaning as in the Income Tax Assessment Act 1997.

income year
has the same meaning as in the Income Tax Assessment Act 1997.

SECTION 4  

4   IMPOSITION OF TAX  
Tax payable on an excess untaxed roll-over amount under section 306-15 of the Income Tax Assessment Act 1997 is imposed.

SECTION 5   AMOUNT OF TAX  

5(1)    
The amount of the tax is the percentage mentioned in subsection (2) of the excess untaxed roll-over amount.

5(2)    
Work out the percentage in the following way:

(a) first, work out the maximum rate specified in column 3 of the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 that applies for the income year;

(b) next, add 2%.

SECTION 6   TEMPORARY BUDGET REPAIR LEVY  

6(1)    
This section applies if the roll-over superannuation benefit that consists of, or includes, the excess untaxed roll-over amount is taken to be received in a temporary budget repair levy year.

6(2)    
Increase the percentage worked out under subsection 5(2) by 2 percentage points for the purpose of working out the amount of the tax.

6(3)    
In this section:

roll-over superannuation benefit
has the same meaning as in the Income Tax Assessment Act 1997.

temporary budget repair levy year
has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.