Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Subsection 295 - 190(1A)
Omit "section 20H", substitute "subsection 20H(2), (2AA) or (2A)".
2 Section 301 - 125
Omit "subsection 17(2) or section 20H or 24G", substitute "subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)".
3 Subsections 301 - 170(2), (3) and (4)
Omit "section 20H", substitute "subsection 20H(2), (2AA), (2A) or (3)".
4 Subsection 307 - 5(1) (table item 5, column 2)
Omit "subsection 17(1) or (2) or 20F(1) or section 20H, 24E or 24G", substitute "subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A)".
5 Subsection 307 - 5(1) (table item 5, column 3)
Omit "subsection 17(1) or (2) or section 20H or 24G", substitute "subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)".
6 Paragraph 307 - 120(2)(e)
Omit "subsection 17(2) or section 20H or 24G", substitute "subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)".
7 Subsection 307 - 142(1)
Omit "subsection 17(2) or section 20H or 24G", substitute "subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)".
8 Subsection 307 - 142(2)
After "as follows", insert "(unless subsection ( 3B) or (3C) applies)".
9 Subsection 307 - 142(2) (method statement, step 1, note)
Omit "section 20H", substitute "subsection 20H(2) or (3)".
10 Subsection 307 - 142(2) (method statement, step 1, note)
Omit "section 24G", substitute "subsection 24G(2)".
11 After subsection 307 - 142(3A)
Insert:
(3B) The * tax free component is the amount of the benefit, if the * superannuation benefit is paid under subsection 17(2AB) or (2AC), 20H(2AA) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).
(3C) Despite subsection ( 3B), the * tax free component is nil, if the * superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest) in respect of a person who:
(a) is a former temporary resident (within the meaning of that Act) when the payment is made; or
(b) if the person died before the payment is made--was a former temporary resident just before dying.
12 Subsection 307 - 220(4)
Omit "section 20H", substitute "subsection 20H(2), (2AA) or (2A)".
13 Subsection 307 - 300(1)
Omit "subsection 17(2) or section 20H or 24G", substitute "subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)".
14 Subsection 307 - 300(2)
After "as follows", insert "(unless subsection ( 3A) applies)".
15 Subsection 307 - 300(2) (method statement, step 1, note)
Omit "section 20H", substitute "subsection 20H(2) or (3)".
16 Subsection 307 - 300(2) (method statement, step 1, note)
Omit "section 24G", substitute "subsection 24G(2)".
17 After subsection 307 - 300(3)
Insert:
(3A) The element taxed in the fund is nil, if the * superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).
Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307 - 142(3B) and (4) of this Act.
18 Subsection 307 - 350(2B)
Omit "subsection 17(2) and sections 20H and 24G", substitute "subsections 17(2), 20H(2), (2AA), (2A) and (3) and 24G(2)".
Superannuation (Departing Australia Superannuation Payments Tax) Act 2007
19 Subsection 5(2)
Omit "section 20H", substitute "subsection 20H(2), (2AA) or (2A)".
Superannuation (Unclaimed Money and Lost Members) Act 1999
20 Subsection 17(2A)
Omit "section 20H", substitute "subsection 20H(2) or (3)".
21 Subsection 17(2A) (note)
Omit "Section 20H provides", substitute "Subsections 20H(2) and (3) provide".
22 Subparagraph 20H(1)(b)(iii)
Omit "section 17", substitute "subsection 17(2)".
23 Subparagraph 20H(1)(b)(iv)
Omit "this section in respect of the person", substitute " subsections ( 2) and (3) of this section in respect of the person (disregarding an amount paid under subsection ( 3), to the extent the amount was attributable to interest that would have been payable under subsection ( 2A) apart from subsection ( 3))".
24 Subparagraph 20H(1)(b)(vi)
Omit "section 24G", substitute "subsection 24G(2)".
25 Paragraph 20H(2B)(a)
Omit "section 17, 24E or 24G", substitute "subsection 17(1) or (2), section 24E or subsection 24G(2)".
26 Paragraph 20M(1)(a)
Omit "section 20H", substitute "subsection 20H(2), (2AA) or (2A)".
27 Section 20P ( paragraph ( a) of the example)
Omit "section 20H", substitute "subsection 20H(2) or (3)".
28 Subsection 24E(5) (note 1)
Omit "section 17", substitute "subsection 17(1)".
29 Subsection 24G(4)
Omit "section 20H", substitute "subsection 20H(2) or (3)".
30 Subsection 24G(4) (note)
Omit "Section 20H provides", substitute "Subsections 20H(2) and (3) provide".
31 Paragraph 24L(1)(a)
Omit "section 24G", substitute "subsection 24G(2) or (3A)".
32 Subsection 29(4)
Omit "section 20H", substitute "subsection 20H(2), (2AA), (2A) or (3)".
Income Tax Assessment Act 1997
33 Section 11 - 15 (at the end of the table item headed "interest")
Add:
unclaimed money and property | 51 - 120 |
34 At the end of Division 51
Add:
51 - 120 Interest on unclaimed money and property
The following amounts are exempt from income tax:
(a) an amount of interest paid under paragraph 69(7AA)(b) of the Banking Act 1959 ;
Note: An amount of interest paid under paragraph 69(7AA)(a) of the Banking Act 1959 is not ordinary income or statutory income.
(b) an amount of interest paid under subsection 1341(3A) of the Corporations Act 2001 ;
(c) an amount of interest paid under subsection 51C(1A) of the First Home Saver Accounts Act 2008 ;
(d) an amount an * FHSA provider contributes or pays under paragraph 51C(2)(b) of the First Home Saver Accounts Act 2008 because it receives an amount under subsection 51C(1A);
(e) an amount of interest paid under paragraph 216(7A)(b) of the Life Insurance Act 1995 .
Note: An amount of interest paid under paragraph 216(7A)(a) of the Life Insurance Act 1995 is not ordinary income or statutory income.
Note: For interest paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , see subsections 307 - 142(3B) and (3C).