Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2008 (152 of 2008)

Schedule 1   Amendments

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

6   At the end of section 5

Add:

(2) However, if the departing Australia superannuation payment is a roll-over superannuation benefit paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999, the amount of the tax for the element untaxed in the fund of the taxable component of the payment is:

(a) for the amount (if any) of the element that is not an excess untaxed roll-over amount - 45%; and

(b) for the amount (if any) of the element that is an excess untaxed roll-over amount - nil.

Note: The tax for the excess untaxed roll-over amount is set at nil to avoid double taxation of that amount, which is also subject to tax under the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007.