Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Schedule 1   Main superannuation amendments

Part 2   Main consequential amendments

Taxation Administration Act 1953

20   After Subdivision 12-FA of Division 12 of Part 2-4 in Schedule 1

Insert:

Subdivision 12-FAA - Excess untaxed roll-over amount

Table of sections

12-312 Untaxed roll-over superannuation benefits

12-313 Limits on amount withheld under this Subdivision

12-312 Untaxed roll-over superannuation benefits

An entity must withhold an amount from an *excess untaxed roll-over amount it pays to an entity.

Note: An excess untaxed roll-over amount is an amount that may form part of a roll-over superannuation benefit that includes an element untaxed in the fund: see section 306-15 of the Income Tax Assessment Act 1997.

12-313 Limits on amount withheld under this Subdivision

This Subdivision does not require an entity:

(a) to withhold an amount from an *excess untaxed roll-over amount if no *withholding tax is payable on the amount; or

(b) to withhold from an excess untaxed roll-over amount more than the withholding tax payable on the amount (reduced by each amount already withheld from the excess untaxed roll-over amount under this Subdivision).

Note: Section 306-15 of the Income Tax Assessment Act 1997 deals with liability to this form of withholding tax.