Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-C - Components of a superannuation benefit  

SECTION 307-142   Components of certain unclaimed money payments  

Preliminary

307-142(1)  


This section explains how to work out the *tax free component, and the *taxable component, of a *superannuation benefit that is a payment by the Commissioner under subsection 17(2) , (2AB) or (2AC) , 20H(2) , (2AA) , (2A) or (3) , 20QF(2) , (5) or (6) or 24G(2) , (3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or by a State or Territory authority as mentioned in subsection 18(5) of that Act, in respect of a person. Tax free component

307-142(2)  


Work out the *tax free component as follows (unless subsection (3B) or (3C) 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 *superannuation benefit 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 made under subsection 24G(2) of that Act is attributable to a single unclaimed amount set out in item 4 of the table.


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 *tax free component of the *superannuation benefit consists of so much of the superannuation benefit 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).

307-142(3)  


This is the table mentioned in subsection (2):


Tax free component
Item Column 1
Unclaimed amount
Column 2
Claimed equivalent
Column 3
Tax free component of claimed equivalent
1 an amount paid, on or after 1 July 2007, to:
(a) the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or
(b) a State or Territory authority, as mentioned in subsection 18(4) of that Act;
in respect of the person
a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit
2 an amount paid, before 1 July 2007, to:
(a) the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or
(b) a State or Territory authority, as mentioned in subsection 18(4) of that Act;
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 total of the components, of that eligible termination payment, referred to in subsection 307-225(2) of this Act
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 * tax free 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 *tax free 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 * tax free 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 taxable component 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 taxable component includes so much of the superannuation benefit as is attributable to such interest.

307-142(3A)  


Treat the amount set out in column 3 of an item of the table in subsection (3) as being nil, if:


(a) the unclaimed amount set out in column 1 of the item is an amount paid to the Commissioner by a State or Territory authority (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ) in the circumstances mentioned in section 18AA , 20JA , 20QH or 24HA of that Act; and


(b) the Commissioner does not have sufficient information to work out the amount set out in column 3 of the item.

307-142(3B)  


The * tax free component is the amount of the benefit, if the * superannuation benefit is paid under subsection 17(2AB) or (2AC) , 20H(2AA) , 20QF(5) or (6) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).

307-142(3C)  


Despite subsection (3B), the * tax free component is nil, if the * superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest) in respect of a person who:


(a) is a former temporary resident (within the meaning of that Act) when the payment is made; or


(b) if the person died before the payment is made - was a former temporary resident just before dying.

Taxable component

307-142(4)  
The *taxable component is so much (if any) of the *superannuation benefit as is not the *tax free component.


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