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S 27CB repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years.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

SECTION 27CB EXEMPTION FROM TAX - POST-JUNE 1994 INVALIDITY COMPONENT AND TAX-FREE AMOUNT OF BONA FIDE REDUNDANCY PAYMENT OR APPROVED EARLY RETIREMENT SCHEME PAYMENT  
27CB(1) Exemption.  

If:

(a) an ETP is made in relation to a taxpayer on or after 1 July 1994; and

(b) the ETP includes any of the following amounts ( " exempt amounts " ):

(i) a post-June 1994 invalidity component;

(ia) a CGT exempt component;

(ii) a tax-free amount of a bona fide redundancy payment;

(iii) a tax-free amount of an approved early retirement scheme payment;

then:

(c) the taxpayer ' s assessable income does not include the exempt amount; and

(d) the exempt amount is to be ignored in working out whether the taxpayer makes a capital gain under Part IIIA in respect of the making of the ETP.

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History

S 27CB(1) amended by No 46 of 1998 and No 147 of 1997.

27CB(2) Tax-free amount of bona fide redundancy payment, or approved early retirement scheme payment, to be treated as part of ETP.  

For the purposes of subsection (1), it is to be assumed that paragraph (ja) of the definition of eligible termination payment in subsection 27A(1) had not been enacted.

S 27CB inserted by No 208 of 1992.