2004‑2005‑2006

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006

No.      , 2006

(Treasury)

A Bill for an Act to impose tax on departing Australia superannuation payments, and for related purposes

  

Contents
1	Short title	1
2	Commencement	1
3	Definitions	2
4	Imposition of tax	2
5	Amount of tax	2

A Bill for an Act to impose tax on departing Australia superannuation payments, and for related purposes
The Parliament of Australia enacts:
1  Short title
		This Act may be cited as the Superannuation (Departing Australia Superannuation Payments Tax) Act 2006.
2  Commencement
		This Act commences on 1 July 2007.
3  Definitions
		In this Act:
departing Australia superannuation payment has the same meaning as in the Income Tax Assessment Act 1997.
element taxed in the fund has the same meaning as in the Income Tax Assessment Act 1997.
element untaxed in the fund has the same meaning as in the Income Tax Assessment Act 1997.
taxable component has the same meaning as in the Income Tax Assessment Act 1997.
tax free component has the same meaning as in the Income Tax Assessment Act 1997.
4  Imposition of tax
		Tax payable on a departing Australia superannuation payment under subsection 301‑175(2) of the Income Tax Assessment Act 1997 is imposed.
5  Amount of tax
		The amount of the tax is as follows:
	(a)	for the tax free component of the departing Australia superannuation payment—nil;
	(b)	for the element taxed in the fund of the taxable component of the departing Australia superannuation payment—30%;
	(c)	for the element untaxed in the fund of the taxable component of the departing Australia superannuation payment—40%.