Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_20
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 20
Character Range: 241832–243013

20  After Subdivision 12‑FA of Division 12 of Part 2‑4 in Schedule 1
Insert:

Subdivision 12‑FAA—Excess untaxed roll‑over amount

Table of sections

12‑312 Untaxed roll‑over superannuation benefits
12‑313 Limits on amount withheld under this Subdivision

12‑312  Untaxed roll‑over superannuation benefits

  An entity must withhold an amount from an *excess untaxed roll‑over amount it pays to an entity.

Note: An excess untaxed roll‑over amount is an amount that may form part of a roll‑over superannuation benefit that includes an element untaxed in the fund: see section 306‑15 of the Income Tax Assessment Act 1997.

12‑313  Limits on amount withheld under this Subdivision

  This Subdivision does not require an entity:
 (a) to withhold an amount from an *excess untaxed roll‑over amount if no *withholding tax is payable on the amount; or
 (b) to withhold from an excess untaxed roll‑over amount more than the withholding tax payable on the amount (reduced by each amount already withheld from the excess untaxed roll‑over amount under this Subdivision).

Note: Section 306‑15 of the Income Tax Assessment Act 1997 deals with liability to this form of withholding tax.