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08 Oct 07 Withholding for certain terminally ill super benefit recipients

On 25 September 2007, "Taxation Administration Act 1953 - Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits" was made by Erin Holland, Deputy Commissioner of Taxation. It was registered on the Federal Register of Legislative Instruments on 25 September 2007 as Legislative Instrument F2007L03872: see 2007 TAXVINE No 38 (23) (28 September 2007). It has now been corrected by "Taxation Administration Act 1953 - Variation to the rate of withholding for certain terminally ill recipients of lump sum superannuation member benefits Amendment (No 1) 2007", which was made on 3 October 2007 and registered on the Federal Register of Legislative Instruments on 4 October 2007 as Legislative Instrument F2007L03955.

The error relates to the reference to subsection 32(1) of the Superannuation Industry (Supervision) Act 1993, which applies to an approved deposit fund, not a complying superannuation fund. The amendment makes this correction.

For a copy of the Variation, go here

For a copy of the Explanatory Material, click on ES/Supp Material

Also on 3 October 2007, "Taxation Administration Act 1953 - Notice exempting entities from giving a payment summary to certain terminally ill recipients of lump sum superannuation member benefits" was made by Erin Holland, Deputy Commissioner of Taxation. It was registered on the Federal Register of Legislative Instruments on 4 October 2007 as Legislative Instrument F2007L03956. This Notice removes the requirement to issue a payment summary to the recipient of a withholding payment.

For a copy of the Notice, go here

For a copy of the Explanatory Material, click on ES/Supp Material

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