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S 27AC repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years.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

SECTION 27AC ETP - RETAINED AMOUNTS  
27AC(1) Section applies if ETP made.  

This section applies if an ETP is made in relation to a taxpayer.

27AC(2) Retained amounts.  

For the purposes of this Subdivision:

(a) the retained amount of the ETP is so much of the ETP as was not rolled-over; and

(b) the retained amount of a concessional component of the ETP is so much of the concessional component as was not rolled-over; and

(ba) the retained amount of the post-June 1994 invalidity component is so much of the post-June 1994 invalidity component as was not rolled-over; and

(c) the retained amount of the undeducted contributions in relation to the ETP is so much of the undeducted contributions as was not rolled-over; and

(ca) the retained amount of the CGT exempt component is so much of the CGT exempt component as was not rolled-over; and

(d) the retained amount of the pre-July 83 component of the ETP is whichever is the lesser of the following amounts:

(i) the amount worked out using the formula:

Reduced retained amount of ETP

×

Pre-July 83     Total period

where:
Reduced retained amount of ETP is the retained amount of the ETP, reduced by the sum of the amounts listed in subsection (2A).
Pre-July 83 is the number of whole days (if any) in the eligible service period that occurred before 1 July 1983.
Total period is the number of whole days in the eligible service period.

(ii) the retained amount of the ETP, reduced by the sum of the amounts listed in subsection (2A) and further reduced by the retained amount of the undeducted contributions; and

(e) the retained amount of the post-June 83 component is the retained amount of the ETP, reduced by:

(i) the retained amount of the concessional component of the ETP; and

(ia) the retained amount of the post-June 1994 invalidity component of the ETP; and

(ii) the retained amount of the undeducted contributions in relation to the ETP; and

(iia) the retained amount of the CGT exempt component of the ETP; and

(iii) the non-qualifying component of the ETP; and

(iv) the excessive component of the ETP; and

(v) the retained amount of the pre-July 83 component of the ETP.

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History

S 27AC(2) amended by No 147 of 1997 and No 208 of 1992.

27AC(2A) Reduced retained amount of ETP.  

For the purposes of subparagraphs (2)(d)(i) and (ii), the amounts are as follows:

(a) the retained amount of the concessional component of the ETP;

(b) the retained amount of the post-June 1994 invalidity component of the ETP;

(c) the retained amount of the CGT exempt component of the ETP;

(d) the non-qualifying component of the ETP;

(e) the excessive component of the ETP.

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S 27AC(2A) inserted by No 147 of 1997.

27AC(3) Commissioner may increase subparagraph (2)(d)(i) amount.  

The Commissioner may increase the amount calculated under subparagraph (2)(d)(i) if the Commissioner considers it appropriate to do so having regard to the following matters:

(a) if the ETP relates to employment in which the taxpayer was engaged on 30 June 1983 - the amount of an ETP that could, in the Commissioner's opinion, reasonably be expected to have been made in relation to the taxpayer in consequence of the termination of that employment if that employment had been terminated on that date;

(b) if the ETP relates to membership of the taxpayer of a superannuation fund on 30 June 1983 - the amount of an ETP that could, in the Commissioner's opinion, reasonably be expected to have been made in relation to the taxpayer from the fund in consequence of the termination of the taxpayer's membership of the fund if that membership had been terminated on that date;

(c) any previous application in relation to the taxpayer of:

(i) this subsection; or

(ii) subsection 27AA(2) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 6) 1992 ; or

(iii) subsection 27B(2) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment (Superannuation) Act 1989 ;

(d) such other matters as the Commissioner considers relevant.

27AC(4) Taxed element of retained amount of post-June 83 component.  

For the purposes of this Subdivision, the taxed element of the retained amount of the post-June 83 component of the ETP is the retained amount of the post-June 83 component, reduced by the untaxed element of the retained amount of the post-June 83 component.

27AC(5) Untaxed element of retained amount of post-June 83 component.  

For the purposes of this Subdivision, the untaxed element of the retained amount of the post-June 83 component is the untaxed element of the post-June 83 component, reduced by so much of that element as has been rolled-over.

27AC(6) Increased subparagraph (2)(d)(i) amount - further reduction of subsection (5) amount.  

If, under subsection (3), the Commissioner increases the amount calculated under subparagraph (2)(d)(i) in relation to an ETP, the amount calculated under subsection (5) is to be further reduced:

(a) if the amount of the increase does not exceed the amount calculated under subsection (5) - by the amount of the increase; or

(b) if the amount of the increase exceeds the amount calculated under subsection (5) - to 0.

27AC(7) Retained amounts where subsection 27AA(3) applies.  

If subsection 27AA(3) applies in relation to an ETP, subsection (2) of this section has effect as if the amounts calculated in relation to the ETP under paragraphs (2)(d) and (e) were both 0.

27AC(8) [Retained amounts where subsec 27AA(4) applies]  

In the case of an ETP referred to in subsection 27AA(4) , subsection (2) of this section has effect as if:

(a) the amount calculated in relation to the ETP under paragraph (2)(d) were 0; and

(b) if subsection 27AA(5) applies to the ETP - the amount calculated in relation to the ETP under paragraph (2)(e) were 0.

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History

S 27AC(8) inserted by No 53 of 1995.

S 27AC inserted by No 208 of 1992.