Income Tax Assessment Act 1997



Division 306 - Roll-overs etc.  

Operative provisions  

SECTION 306-15   Tax on excess untaxed roll-over amounts  

This section applies to a *superannuation benefit if:

(a) it is a *roll-over superannuation benefit that is paid into a *superannuation plan; and

(b) you are taken to receive the benefit under section 307-15 ; and

(c) the benefit consists of, or includes, an amount that is an *element untaxed in the fund; and

(d) the amount mentioned in paragraph (c) exceeds your *untaxed plan cap amount (see section 307-350 ), for the superannuation plan from which the benefit is paid, just before you are taken to receive the benefit.


To work out your untaxed plan cap amount in relation to an unclaimed money payment from the Commissioner, see subsection 307-350(2B) .


However, this section does not apply to a *roll-over superannuation benefit that is transferred from one *superannuation interest in a *superannuation plan to another superannuation interest in the same plan.
Note 1:

A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider. Such a benefit may be a roll-over superannuation benefit: see section 306-10 .

Note 2:

For the treatment of amounts transferred within the same superannuation plan, see subsection 307-5(8) .

The excess untaxed roll-over amount is the amount of the excess mentioned in paragraph (1)(d).

You are liable to pay income tax on the *excess untaxed roll-over amount at the rate declared by the Parliament in respect of such amounts.

Note 1:

The tax is imposed in the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 , and the amount of tax is set out in that Act.

Note 2:

See the Taxation Administration Act 1953 for provisions dealing with the payment of the tax.

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