Source: https://www.legislation.gov.au/Details/C2008B00235
Timestamp: 2019-04-20 03:27:53
Document Index: 461229517

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 1', 'art 3', 'art 2', 'art 3', 'art 3']

Details: C2008B00235
- C2008B00235
A Bill for an Act to amend legislation in relation to temporary residents' superannuation, and for related purposes
Registered 26 Sep 2008
Introduced HR 25 Sep 2008
A Bill for an Act to amend legislation in relation to temporary residents’ superannuation, and for related purposes
Part 1—Superannuation (Unclaimed Money and Lost Members) Act 1999 3
Part 2—Taxation Administration Act 1953 22
Part 3—Income Tax Assessment Act 1997 23
This Act may be cited as the Temporary Residents’ Superannuation Legislation Amendment Act 2008.
Part 1—Superannuation (Unclaimed Money and Lost Members) Act 1999
Omit “and a register of lost members for superannuation funds”, substitute “, a register of lost members for superannuation funds and certain payments relating to superannuation”.
2 After paragraph 6(c)
(ca) the making of certain payments relating to superannuation of persons who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and
3 After paragraph 6(e)
(ea) the safe‑keeping of certain amounts relating to superannuation of persons who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and
Superannuation of persons who used to hold temporary visas
The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member used to be the holder of a temporary visa, has left Australia and is not an Australian or New Zealand citizen or the holder of a visa.
If the Commissioner is satisfied he or she has received a payment under this Act for such a member, the Commissioner must pay the amount he or she has received to the member, to a fund identified by the member or, if the member has died, to the member’s legal personal representative.
5 Section 8 (definition of approved form)
scheduled statement day has the meaning given by section 20B.
terminal medical condition has the same meaning as in the Income Tax Assessment Act 1997.
13 At the end of section 16
(7) Subsection (1) does not apply to unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C.
Note: Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former holders of temporary visas).
14 At the end of subsection 17(1)
Note: Subsection (1) does not require the superannuation provider to pay the Commissioner an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C, because such money is not to be included in the statement under section 16 (and is payable to the Commissioner under section 20F).
15 After subsection 17(2)
(2A) Subsection (2) does not apply to unclaimed money that is to be, is or has been taken into account in determining whether the Commissioner must make a payment under section 20H.
Note: Section 20H provides for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under this section and subsection 20F(1) in respect of a person who is identified in a notice under section 20C or who used to be the holder of a temporary visa.
16 After Part 3
The Commissioner must give the superannuation provider for a fund a notice if the Commissioner is satisfied that:
(a) a person who used to be the holder of a temporary visa has a superannuation interest in the fund; and
(b) at least 6 months have passed since the person ceased to hold the visa and left Australia; and
(c) the person does not hold a visa and is not a citizen.
If the Commissioner gives such a notice, the superannuation provider must, by the next date set for the purpose by the Commissioner:
(a) give the Commissioner a statement about the interest; and
The person can claim the amount from the Commissioner.
(i) was, under the Migration Act 1958, the holder of a temporary visa, except a visa prescribed by the regulations, that has ceased to be in effect; and
(a) a superannuation provider who is the trustee of a State or Territory public sector superannuation scheme within the meaning of section 18; or
(b) a superannuation provider for an unfunded public sector scheme within the meaning of the Superannuation Guarantee (Administration) Act 1992.
(iii) the Income Tax Assessment Act 1997, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953, so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007.
20F Superannuation provider must pay Commissioner unclaimed superannuation by scheduled statement day
(b) take account only of the person’s entitlement to payment remaining after any reduction by a payment split under Part VIIIB of the Family Law Act 1975 (disregarding subsection 90MB(3) of that Act).
Note 2: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90MB(3) of that Act provides that the Part has effect subject to this Act.
(ii) the amounts (if any) paid to the Commissioner under subsection 20F(1) in respect of the person;
(iii) the amounts (if any) paid by the Commissioner under section 17 (before, on or after the commencement of this section) in respect of the person; and
(iv) the amounts (if any) paid by the Commissioner under all the earlier operations (if any) of this section in respect of the person; and
(v) the amounts (if any) paid by the Commissioner under section 20K in respect of the person.
(3) However, if the person has died and the Commissioner is satisfied that one or more superannuation providers that made any of the payments described in subparagraphs (1)(b)(i) and (ii) would, if they had not made those payments, have been required because of the person’s death to pay an amount to one or more other persons (the death beneficiaries), the Commissioner must pay each death beneficiary:
(b) if the excess is less than the sum of the totals described in paragraph (a) for all the death beneficiaries—the amount worked out for the death beneficiary using the formula in subsection (4).
(a) the Commissioner makes a payment in respect of a person under, or purportedly under, section 20H; and
(b) the amount paid exceeds the amount (if any) properly payable under that section in respect of the person.
(a) a payment (the Commissioner’s payment) is made to a fund under section 20H in accordance with a person’s direction; and
(a) the Secretary of a Department administered by a Minister administering a provision of the Migration Act 1958 or of the Australian Citizenship Act 2007; and
(b) an APS employee in such a Department.
(a) decisions that the conditions exist for him or her to make a payment under section 20H, revoke (under section 20J) a notice given under section 20C or make a refund under section 20K; and
17 After subsection 25(2)
19 Subsection 29(1)
20 After paragraph 29(1)(a)
(aa) a person making an application mentioned in subsection 20H(1) (about payment by the Commissioner);
21 At the end of subsection 29(4)
Add “or prevent a payment from being made under section 20H”.
22 Section 49
(b) special public money for the purposes of section 16 of the Financial Management and Accountability Act 1997.
Part 2—Taxation Administration Act 1953
23 Subsection 8AAB(5) (after table item 13A)
24 After paragraph 14ZW(1)(bc)
(bd) if the taxation objection is made under section 20P of the Superannuation (Unclaimed Money and Lost Members) Act 1999 against a notice given to a superannuation provider under section 20C of that Act and the person is not the superannuation provider—2 years after the notice was given to the superannuation provider; or
(be) if the taxation objection is made under section 20P of the Superannuation (Unclaimed Money and Lost Members) Act 1999 against a decision under Division 4 or 5 of Part 3A of that Act and the person is not a superannuation provider (as defined in that Act)—2 years after the person was given notice of the decision; or
25 Subsection 250‑10(2) in Schedule 1 (after table item 67)
payment in respect of a superannuation interest to the Commissioner
repayment of Commissioner’s payment
26 Subsection 284‑80(1) in Schedule 1 (table item 1)
After “importation,”, insert “or under the Superannuation (Unclaimed Money and Lost Members) Act 1999,”.
Part 3—Income Tax Assessment Act 1997
27 After subsection 295‑190(1)
(1A) Item 2 of the table in subsection (1) does not apply to a *roll‑over superannuation benefit that is a *departing Australia superannuation payment made under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
28 Section 301‑170
29 Section 301‑170
Omit “departing Australia superannuation payment is a *superannuation lump sum that:”, substitute “*superannuation lump sum is a departing Australia superannuation payment if it:”.
30 At the end of section 301‑170
(2) Also, a *superannuation lump sum is a departing Australia superannuation payment if it is paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
(3) Despite subsection (2), a *superannuation lump sum paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because a person has been identified in a notice under section 20C of that Act is not a departing Australia superannuation payment if, when it is paid, the Commissioner is satisfied that:
(a) the person has not been, under the Migration Act 1958, the holder of a temporary visa that ceased to be in effect at least 6 months ago; or
(b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa.
(4) Despite subsection (2), a *superannuation lump sum that is paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment.
31 Subsection 307‑5(1) (table item 5, column 2)
After “18”, insert “, subsection 20F(1) or section 20H”.
32 Subsection 307‑5(1) (table item 5, column 3)
Omit “or 18”, substitute “, 18 or 20H”.
33 Paragraph 307‑120(2)(a)
34 At the end of subsection 307‑120(2)
; or (e) if the benefit is a payment under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999—section 307‑142.
35 After section 307‑140
307‑142 Components of payments under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999
(1) This section explains how to work out the *tax free component, and the *taxable component, of a *superannuation benefit that is a payment under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.
(2) The *tax free component is so much of the payment as is attributable to so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the tax free components of those superannuation benefits.
(3) The *taxable component is so much of the payment as is attributable to so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the taxable components of those superannuation benefits.
36 At the end of section 307‑220
(4) Subparagraph (2)(a)(i) does not apply to a *roll‑over superannuation benefit that is a *departing Australia superannuation payment made under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
Note 1: The whole departing Australia superannuation payment is included in the contributions segment of the superannuation interest, as none of the payment has been or will be included in the superannuation provider’s assessable income.
Note 2: Including the whole payment in that segment, and thus the tax free component, of the superannuation interest ensures that the amount of the payment, which is taxed by the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007, does not attract more tax when paid as a superannuation benefit from the interest.
37 At the end of Subdivision 307‑E
307‑300 Superannuation benefits paid under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999
(1) This section explains how to work out the *element taxed in the fund, and the*element untaxed in the fund, of the *taxable component of a *superannuation benefit that is a payment under section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.
(2) The element taxed in the fund is so much (if any) of the *taxable component as is attributable to so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the elements taxed in the fund of the taxable components of those superannuation benefits.
(3) The element untaxed in the fund is so much (if any) of the *taxable component as is attributable to so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the elements untaxed in the fund of the taxable components of those superannuation benefits.