Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (Temporary Budget Repair Levy) Act 2014 (53 of 2014)

Schedule 1   Temporary budget repair levy

Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007

1   At the end of the Act

Add:

6 Temporary budget repair levy

(1) This section applies if the roll-over superannuation benefit that consists of, or includes, the excess untaxed roll-over amount is taken to be received in a temporary budget repair levy year.

(2) Increase the percentage worked out under subsection 5(2) by 2 percentage points for the purpose of working out the amount of the tax.

(3) In this section:

roll-over superannuation benefit has the same meaning as in the Income Tax Assessment Act 1997.

temporary budget repair levy year has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.