Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-E - Elements taxed and untaxed in the fund of the taxable component of superannuation benefit  

SECTION 307-300   Certain unclaimed money payments  

Preliminary

307-300(1)  


This section explains how to work out the *element taxed in the fund, and the *element untaxed in the fund, of the *taxable component of a *superannuation benefit that is a payment by the Commissioner under subsection 17(2) , 20H(2) , (2AA), (2A) or (3) , 20QF(2) , 21E(2) , 22B(2) , 24G(2) or 24NA(2) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . Element taxed in the fund

307-300(2)  


Work out the element taxed in the fund as follows (unless subsection (3A) applies): Method statement

Step 1.

Work out the amount (the unclaimed amount ) (or amounts), set out in column 1 of the table in subsection (3), to which the *taxable component is attributable.

Note:

A payment made under subsection 17(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is attributable to a single unclaimed amount set out in item 1 or 2 of the table.

A payment under subsection 20H(2) or (3) of that Act may be attributable to more than one unclaimed amount.

A payment under subsection 20QF(2) of that Act is attributable to a single unclaimed amount set out in item 3A of the table.

A payment under subsection 21E(2) of that Act is attributable to a single unclaimed amount set out in item 3B of the table.

A payment under subsection 22B(2) of that Act is attributable to a single unclaimed amount set out in item 3C of the table.

A payment made under subsection 24G(2) of that Act is attributable to a single unclaimed amount set out in item 4 of the table.

A payment under subsection 24NA(2) or (3) of that Act may be attributable to more than one unclaimed amount.


Step 2.

Assume that the unclaimed amount (or each unclaimed amount), instead of being paid to the Commissioner, had been paid to the person as the payment (the claimed equivalent ) set out in column 2 of the table.


Step 3.

The element taxed in the fund of the *taxable component consists of so much of the taxable component as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable to the amounts set out in that column for the claimed equivalents).

307-300(3)  


This is the table mentioned in subsection (2):


Element taxed in the fund
Item Column 1
Unclaimed amount
Column 2
Claimed equivalent
Column 3
Taxed element of claimed equivalent
1 an amount paid, on or after 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit
2 an amount paid, before 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936 , as in force just before 1 July 2007) the taxed element of the post-June 83 component of that eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 , as in force just before 1 July 2007
3 an amount paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person (other than an amount referred to in section 65AA of the Superannuation Guarantee (Administration) Act 1992 ) a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit
3A an amount paid to the Commissioner under section 20QD of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a *superannuation benefit paid from a *superannuation plan the *element taxed in the fund of the *taxable component of that superannuation benefit
3B an amount paid to the Commissioner under section 21C of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a *superannuation benefit paid from a *superannuation plan the *element taxed in the fund of the *taxable component of that superannuation benefit
3C an amount paid to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a *superannuation benefit paid from a *superannuation plan the *element taxed in the fund of the *taxable component of that superannuation benefit
4 an amount paid to the Commissioner under section 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit

Note 1:

Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

The effect of excluding such shortfall components from item 3 of the table in this subsection is that the element untaxed in the fund includes so much of the superannuation benefit as is attributable to such a shortfall component.

Note 2:

The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

The effect of this is that the element untaxed in the fund of the taxable component includes so much of the superannuation benefit as is attributable to such interest.

307-300(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) , 20QF(5) or (6) , 21E(5) or (6) , 22B(5) or (6) 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.

Element untaxed in the fund

307-300(4)  
The element untaxed in the fund of the *taxable component is so much (if any) of the taxable component as is not the element taxed in the fund.


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