Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p22
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 22/23)
Character Range: 191130–194002

your behalf. However, you are taken to receive the benefit under subsection 307‑15(1).

306‑10  Roll‑over superannuation benefit

  A *superannuation benefit is a roll‑over superannuation benefit if:
 (a) the benefit is a *superannuation lump sum and a *superannuation member benefit; and
 (b) the benefit is not a superannuation benefit of a kind specified in the regulations; and
 (c) the benefit satisfies any of the following conditions:
 (i) it is paid from a *complying superannuation plan;
 (ii) it is an *unclaimed money payment;
 (iii) it arises from the commutation of a *superannuation annuity; and
 (d) the benefit satisfies any of the following conditions:
 (i) it is paid to a complying superannuation plan;
 (ii) it is paid to an entity to purchase a superannuation annuity from the entity.

Note 1: A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider.

Note 2: For the treatment of amounts transferred within a superannuation plan, see subsection 307‑5(8).

306‑15  Tax on excess untaxed roll‑over amounts

 (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 just before you are taken to receive the benefit.

 (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.

306‑20  Effect of payment to government of unclaimed superannuation money

  An *unclaimed money payment that you are taken to receive under section 307‑15 because it is paid in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 to the Commissioner or a State or Territory authority (within the meaning of that Act) is not assessable income and is not *exempt income.

Division 307—Key concepts relating to superannuation benefits

Table of Subdivisions

 Guide to Division 307
307‑A Superannuation benefits generally
307‑B Superannuation lump sums and superannuation income stream benefits
307‑C Components of a superannuation benefit
307‑D Superannuation interests
307‑E Elements taxed and untaxed in the fund of the taxable