Income Tax Assessment Act 1936

Subdiv AAA repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years.

Subdiv AAA inserted by No 105 of 1989.

S 159SF repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years. S 159SF formerly read:

SECTION 159SF RESIDUAL AMOUNT  
159SF(1) [1983-84 and later income years]  

The residual amount for a year of income (in this subsection called the " reference year " ) is:

(a) for the year of income in which 1 July 1983 occurred - $50,000; or

(b) for a later year of income - the sum of:

(i) the closing balance for the previous year of income; and

(ii) the amount (if any) by which the upper limit for the reference year exceeds the upper limit for the previous year of income.

159SF(2) [Closing balance]  

The closing balance for a year of income is the residual amount for the year of income, reduced (but not below 0) by the total of any s. 27B(1) amounts included in the assessable income of the year of income in respect of age 55 ETPs.

S 159SF inserted by No 105 of 1989.