Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007 (57 of 2007)

Schedule 1   Amendments relating to superannuation contributions

Part 2   Amendments commencing on Proclamation

Bankruptcy Act 1966

20   After subsection 128C(7)

Insert:

Refund of contributions tax etc.

(7A) If:

(a) as a result of subsection (1), a transfer made by way of a contribution to an eligible superannuation plan is void against the trustee in the beneficiary’s bankruptcy; and

(b) any of the following amounts was debited from the contribution:

(i) an amount in respect of tax in respect of the contribution;

(ii) a fee, or a charge, in respect of the contribution; and

(c) in compliance with a section 139ZQ notice that relates to the transfer, the trustee of the eligible superannuation plan pays an amount to the trustee in the beneficiary’s bankruptcy; and

(d) the amount paid in compliance with the section 139ZQ notice exceeds the amount so debited;

the trustee in the beneficiary’s bankruptcy must pay to the trustee of the eligible superannuation plan an amount equal to the amount so debited.