Income Tax Assessment Act 1936

Subdiv AA (heading) substituted by No 15 of 2007, s 3 and Sch 1 item 59, applicable to the 2007-2008 income year and later years. The heading formerly read:

Subdivision AA - Superannuation, termination of employment and kindred payments

Subdiv AA inserted by No 47 of 1984.

S 27AA repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27AA formerly read:

SECTION 27AA COMPONENTS OF AN ETP  
27AA(1) [ETP components]  

An ETP (other than an ETP referred to in subsection (4)) consists of one or more of the following components:

(a) the concessional component;

(aa) the post-June 1994 invalidity component;

(b) the undeducted contributions;

(c) in the case of an immediate annuity eligible termination payment - the non-qualifying component;

(ca) the excessive component;

(cb) the CGT exempt component;

(d) the pre-July 83 component, which is the lesser of the following amounts:

(i) the amount calculated using the formula:

(ETP − C − IC − NQ − EC − CGT)

×

Pre-July 83   Total period

where:

ETP is the amount of the ETP;

C is the concessional component;

IC is the post-June 1994 invalidity component;

NQ is the non-qualifying component;

EC is the amount of the excessive component;

CGT is the CGT exempt component.

Pre-July 83 is the number of whole days (if any) in the eligible service period that occurred before 1 July 1983; and

Total period is the number of whole days in the eligible service period;

(ii) the amount represented by the component:
( ETP − C − IC − NQ − EC − CGT )

in subparagraph (i), reduced by the undeducted contributions;

(e) the post-June 83 component, which is the ETP reduced by the other components.

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History

S 27AA(1) amended by No 147 of 1997, No 53 of 1995, No 208 of 1992 and No 61 of 1990.

27AA(2)
(Omitted by No 208 of 1992)

27AA(3) [No determination of reasonable benefit limits]  

Where:

(a) an ETP (other than an ETP referred to in subsection (4)) is made in relation to a taxpayer in a year of income; and

(b) the ETP consists of or includes a payment that is an ETP to which subsection 140M(1) applies; and

(c) the Commissioner does not make a determination under subsection 140R(1) of the reasonable benefit limits in relation to the ETP;

subsection (1) applies to the taxpayer as if paragraphs (1)(ca), (cb), (d) and (e) were replaced by the following paragraph:

" (e) the excessive component, which is the ETP reduced by the other components. " .

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History

S 27AA(3) amended by No 147 of 1997, by No 53 of 1995, No 208 of 1992, and inserted by No 61 of 1990.

27AA(4) [Components of ETP]  

Subject to subsection (5), an ETP covered by paragraph (fa), (fb), (fc), (fd), (fe) or (ff) of the definition of eligible termination payment in subsection 27A(1) consists of one or both of the following components:

(a) the excessive component;

(b) the post-June 83 component, which is the ETP reduced by the excessive component.

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History

S 27AA(4) inserted by No 53 of 1995.

Former s 27AA(4) omitted by No 135 of 1990; inserted by No 61 of 1990.

27AA(5) [ETP deemed to consist wholly of excessive component]  

If:

(a) an ETP referred to in subsection (4) of this section consists of an ETP to which subsection 140M(5) applies; and

(b) the Commissioner does not make a determination under subsection 140R(1) of the reasonable benefit limits in relation to the ETP;

the ETP consists wholly of the excessive component.

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History

S 27AA(5) inserted by No 53 of 1995.

Former s 27AA(5) omitted by No 135 of 1990 and inserted by No 61 of 1990.

27AA(6)
(Omitted by No 208 of 1992)

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History

S 27AA(6) inserted by No 61 of 1990.

S 27AA - 27CA substituted for s 27B and 27C by No 105 of 1989.