Temporary Residents' Superannuation Legislation Amendment Act 2008 (151 of 2008)

Schedule 1   Amendments

Part 3   Income Tax Assessment Act 1997

30   At the end of section 301-170

Add:

(2) Also, a *superannuation lump sum is a departing Australia superannuation payment if it is paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999.

(3) Despite subsection (2), a *superannuation lump sum paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because a person has been identified in a notice under section 20C of that Act is not a departing Australia superannuation payment if, when it is paid, the Commissioner is satisfied that:

(a) the person has not been, under the Migration Act 1958, the holder of a temporary visa that ceased to be in effect at least 6 months ago; or

(b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa.

(4) Despite subsection (2), a *superannuation lump sum that is paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment .