Income Tax (Superannuation Payments Withholding Tax) Bill 2002

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Bills Digest No. 100 2001-02
Income Tax (Superannuation Payments Withholding Tax) Bill 2002

WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

CONTENTS

Passage History
Purpose
Background
Main Provisions
Endnotes
Contact Officer & Copyright Details

Passage History

Date Introduced: 14 February 2002

House: House of Representatives

Portfolio: Treasury

Commencement: The later of the day on which this Bill or the Taxation Laws Amendment (Superannuation) Bill (No.1) 2002 receives the Royal Assent

Purpose

To formally include the departing Australia superannuation payment within the withholding tax regime and to set the rates of that tax.

Background

Refer to the Digest for the Taxation Laws Amendment (Superannuation) Bill (No. 1) 2002, (Bill Digest No. 99, 2001 02).

Main Provisions

Clause 4 will impose the withholding tax on departing Australian superannuation payments.

Clause 5 deals with the rates of the tax, which will be:

for undeducted contributions nil
for a post-June 1994 invalidity component nil
for an untaxed element of a post-June 1983 component 40%, and
for other components 30%.

Contact Officer and Copyright Details

Chris Field
11 March 2002
Bills Digest Service
Information and Research Services

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Published by the Department of the Parliamentary Library, 2002.