Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 1   Interest on unclaimed money

Part 1   Superannuation

Income Tax Assessment Act 1997

17   After subsection 307-300(3)

Insert:

(3A) The element taxed in the fund is nil, if the *superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).

Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307-142(3B) and (4) of this Act.