ATO Interpretative Decision
ATO ID 2004/352 (Withdrawn)
Superannuation
Superannuation: exempt non-resident foreign termination paymentFOI status: may be released
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This ATO ID is withdrawn as it is a simple restatement of the law and does not contain an interpretative decision.This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
This ATOID provides you with the following level of protection:
If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.
Issue
Does the Commissioner have a discretion to extend the 6 month period referred to in subparagraph (b)(i) of the definition of 'exempt non-resident foreign termination payment' in subsection 27A(1) of the Income Tax Assessment Act 1936 (ITAA 1936)?
Decision
No. The Commissioner does not have a discretion to extend the 6 month period referred to in subparagraph (b)(i) of the definition of 'exempt non-resident foreign termination payment' in subsection 27A(1) of the ITAA 1936.
Facts
The taxpayer intends transferring their superannuation entitlement from an eligible non-resident non-complying superannuation fund (an overseas fund) to a resident complying superannuation fund (an Australian fund).
These benefits will be received more than 6 months after the taxpayer has become a resident of Australia.
Reasons for Decision
One of the requirements for a payment to qualify as an exempt non-resident foreign termination payment under subsection 27A(1) of the ITAA 1936 is that:
- the payment is made from an eligible non-resident non-complying superannuation fund within 6 months after the taxpayer became a resident of Australia.
The ITAA 1936 does not give the Commissioner any discretion to extend the period beyond 6 months.
Date of decision: 8 September 2003
Legislative References:
Income Tax Assessment Act 1936
section 27A
section 27CAA
section 27CD
Related Public Rulings (including Determinations)
Taxation Ruling TR 2003/12
ATO ID 2004/353
Keywords
Non resident superannuation fund
Superannuation, retirement and employment termination
Superannuation
ISSN: 1445-2782
| Date: | Version: | |
| 8 September 2003 | Original statement | |
| You are here | 19 June 2009 | Archived |