Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 11/12)
Character Range: 4818228–4821002

is paid from a *public sector superannuation scheme that is not a *constitutionally protected fund.
 (2) Despite any other provision of this Subdivision, the *taxable component of the *superannuation benefit consists of an element untaxed in the fund equal to the amount (if any) specified by the regulations in relation to the benefit for the purposes of this section.
 (3) The amount specified must not be less than the amount that would be the *element untaxed in the fund under the other provisions of this Subdivision.

307‑300  Certain unclaimed money payments

Preliminary
 (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 by the Commissioner under subsection 17(2), 20H(2), (2AA), (2A) or (3), 20QF(2), 21E(2), 22B(2), 24G(2) or 24NA(2) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Element taxed in the fund
 (2) Work out the element taxed in the fund as follows (unless subsection (3A) applies):

      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 *taxable component 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 subsection 20H(2) or (3) of that Act may be attributable to more than one unclaimed amount.
                   A payment under subsection 20QF(2) of that Act is attributable to a single unclaimed amount set out in item 3A of the table.
                   A payment under subsection 21E(2) of that Act is attributable to a single unclaimed amount set out in item 3B of the table.
                   A payment under subsection 22B(2) of that Act is attributable to a single unclaimed amount set out in item 3C of the table.
                   A payment made under subsection 24G(2) of that Act is attributable to a single unclaimed amount set out in item 4 of the table.
                   A payment under subsection 24NA(2) or (3) 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 element taxed in the fund of the *taxable component consists of so much of the taxable component as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable