Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 306.15

  (1)   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.

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

  (1A)   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).

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

  (3)   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.