Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 11   Partner allowance

91   Insertion of new section

After section 24ABP of the Principal Act the following section is inserted:

Partner allowance

"24ABPA.(1) The treatment of payments of partner allowance under Part 2.15A of the Social Security Act 1991 is as follows:

(a) the supplementary amount is exempt;

(b) the balance is not exempt.

"(2) Payments under section 771NW of the Social Security Act 1991 (which deals with bereavement payments) are exempt.

"(3) If a taxpayer derives a payment under section 771NX of the Social Security Act 1991:

(a) so much of the sum of that payment and other payments under the Social Security Act 1991 derived by the taxpayer during the bereavement lump sum period as does not exceed the tax-free amount calculated using the exempt bereavement payment calculator AB in section 24ABZD is exempt; and

(b) the balance of the sum is not exempt.".