[pic]






Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007


No. 12, 2007





An Act to impose tax on excess untaxed roll-over amounts of superannuation
benefits, and for related purposes



Contents
           1     Short title 1
           2     Commencement     2
           3     Definitions 2
           4     Imposition of tax      2
           5     Amount of tax    2

[pic]



Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007

No. 12, 2007





An Act to impose tax on excess untaxed roll-over amounts of superannuation
benefits, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1  Short title

            This Act may be cited as the Superannuation (Excess Untaxed
         Roll-over Amounts Tax) Act 2007.

2  Commencement

            This Act commences on 1 July 2007.

3  Definitions

            In this Act:

         excess untaxed roll-over amount has the same meaning as in the
         Income Tax Assessment Act 1997.

         income year has the same meaning as in the Income Tax Assessment
         Act 1997.

4  Imposition of tax

            Tax payable on an excess untaxed roll-over amount under
         section 306-15 of the Income Tax Assessment Act 1997 is imposed.

5  Amount of tax

      (1)   The amount of the tax is the percentage mentioned in
         subsection (2) of the excess untaxed roll-over amount.

      (2)   Work out the percentage in the following way:
      (a)   first, work out the maximum rate specified in column 3 of the
             table in Part I of Schedule 7 to the Income Tax Rates Act 1986
             that applies for the income year;
      (b)   next, add 1.5%.


[Minister's second reading speech made in-
House of Representatives on 7 December 2006
Senate on 26 February 2007]
(206/06)