Document ID: chunk:federal_register_of_legislation:C2009A00027:clause:2_49
Version: federal_register_of_legislation:C2009A00027
Segment Type: clause
Provision Reference: sch 2 cl 49
Character Range: 29381–31915

49  Section 307‑142
Repeal the section, substitute:

307‑142  Components of certain unclaimed money payments

Preliminary

 (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) or section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.

Tax free component

 (2) Work out the *tax free component as follows:

      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 section 20H of that Act may be attributable to more than one unclaimed amount.
           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).
 (3) This is the table mentioned in subsection (2):

Tax free component
Item                Column 1                                                                                                                                                                                                                                                            Column 2                                                                                                                                              Column 3
                    Unclaimed amount                                                                                                                                                                                                                                                    Claimed equivalent                                                                                                                                    Tax free component of claimed equivalent