Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 306 - Roll-overs etc.  

Operative provisions  

SECTION 306-15   Tax on excess untaxed roll-over amounts  

306-15(1)    
This section applies to a *superannuation benefit if:

(a) it is a *roll-over superannuation benefit that is paid into a *superannuation plan; and

(b) you are taken to receive the benefit under section 307-15 ; and

(c) the benefit consists of, or includes, an amount that is an *element untaxed in the fund; and

(d) the amount mentioned in paragraph (c) exceeds your *untaxed plan cap amount (see section 307-350 ), for the superannuation plan from which the benefit is paid, just before you are taken to receive the benefit.

Note:

To work out your untaxed plan cap amount in relation to an unclaimed money payment from the Commissioner, see subsection 307-350(2B) .

306-15(1A)    

However, this section does not apply to a *roll-over superannuation benefit that is transferred from one *superannuation interest in a *superannuation plan to another superannuation interest in the same plan.

Note 1:

A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider. Such a benefit may be a roll-over superannuation benefit: see section 306-10 .

Note 2:

For the treatment of amounts transferred within the same superannuation plan, see subsection 307-5(8) .

306-15(2)    
The excess untaxed roll-over amount is the amount of the excess mentioned in paragraph (1)(d).

306-15(3)    
You are liable to pay income tax on the *excess untaxed roll-over amount at the rate declared by the Parliament in respect of such amounts.

Note 1:

The tax is imposed in the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 , and the amount of tax is set out in that Act.

Note 2:

See the Taxation Administration Act 1953 for provisions dealing with the payment of the tax.