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This is a Bill, not an Act. For current law, see the Acts databases.
2002
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Income
Tax (Superannuation Payments Withholding Tax) Bill
2002
No. ,
2002
(Treasury)
A Bill
for an Act to impose income tax upon certain superannuation payments, and for
related purposes
Contents
A Bill for an Act to impose income tax upon certain
superannuation payments, and for related purposes
The Parliament of Australia enacts:
This
Act may be cited as the Income Tax (Superannuation Payments Withholding Tax)
Act 2002.
(1) Each provision of this Act specified in column 1 of the table
commences, or is taken to have commenced, on the day or at the time specified in
column 2 of the table.
|
Commencement information |
||
|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
1. Sections 1 and 2 and anything in this Act not elsewhere covered by
this table |
The day on which this Act receives the Royal Assent |
|
|
2. Sections 3 to 5 |
The later of: |
|
Note: This table relates only to the provisions of this Act
as originally passed by the Parliament and assented to. It will not be expanded
to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table is for additional information that is not part
of this Act. This information may be included in any published version of this
Act.
(1) In this Act:
Assessment Act means the Income Tax Assessment Act
1936.
(2) Expressions used in this Act that are defined for the purposes of the
Assessment Act have the same meaning as in the Assessment Act.
The tax known as income tax, to the extent that the tax is payable in
accordance with section 27GA of the Assessment Act, is imposed on departing
Australia superannuation payments.
(1) The rates of income tax imposed by this Act are as follows:
(a) for so much of the departing Australia superannuation payment as is
undeducted contributions—nil;
(b) for so much of the departing Australia superannuation payment as is a
post-June 1994 invalidity component—nil;
(c) for so much of the departing Australia superannuation payment as is
the untaxed element of the post-June 83 component—40%;
(d) for the remainder of the departing Australia superannuation
payment—30%.
(2) A term that is used in this section that is defined in
section 27A of the Assessment Act has the same meaning in this section as
it would have in section 27A of the Assessment Act if references to ETPs in
that section included references to departing Australia superannuation
payments.