Income Tax (Former Non-resident Superannuation Funds) Amendment Act 2007 (Cth)

Income Tax (Former Non‑resident Superannuation Funds) Amendment Act 2007

No. 18, 2007

An Act to amend the Income Tax (Former Non‑resident Superannuation Funds) Act 1994, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Amendment of the Income Tax (Former Non‑resident Superannuation Funds) Act 1994 Income Tax (Former Non‑resident Superannuation Funds) Act 1994

Income Tax (Former Non-resident Superannuation Funds) Amendment Act 2007

No. 18, 2007

An Act to amend the Income Tax (Former Non‑resident Superannuation Funds) Act 1994, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Income Tax (Former Non‑resident Superannuation Funds) Amendment Act 2007.

2 Commencement

This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Income Tax (Former Non‑resident Superannuation Funds) Act 1994

Income Tax (Former Non‑resident Superannuation Funds) Act 1994

1 Section 3 Repeal the section, substitute:

3 Imposition of tax

Income tax is imposed on the taxable income of an Australian superannuation fund within the meaning of the Income Tax Assessment Act 1997, to the extent that the taxable income is attributable to the inclusion of an amount in the fund's assessable income under table item 3 in section 295‑320.

2 Application The amendment made by this Schedule applies to the 2007‑2008 income year and later years.

[Minister's second reading speech made in— House of Representatives on 7 February 2007 Senate on 26 February 2007] (9/07)