Document ID: chunk:federal_register_of_legislation:C2009A00027:clause:2_51
Version: federal_register_of_legislation:C2009A00027
Segment Type: clause
Provision Reference: sch 2 cl 51
Character Range: 34475–37035

51  Section 307‑300
Repeal the section, substitute:

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) or section 20H 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:

      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 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 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 to the amounts set out in that column for the claimed equivalents).
 (3) This is the table mentioned in subsection (2):

Element taxed in the fund
Item                       Column 1                                                                                                                                                                                                                                                            Column 2                                                                                                                                              Column 3
                           Unclaimed amount                                                                                                                                                                                                                                                    Claimed equivalent                                                                                                                                    Taxed element of claimed equivalent