S 292-25 repealed by No 118 of 2013, s 3 and Sch 1 item 12, effective 29 June 2013. For application, transitional and saving provisions, see note under Div
291
heading. S 292-25 formerly read:
SECTION 292-25 Excess directed termination payments included in concessional contributions
292-25(1A)
To avoid doubt, the tax free component of a directed termination payment (within the meaning of section 82-10F) made in a financial year on behalf of you is not included in your concessional contributions (see section 292-25 of the
Income Tax Assessment Act 1997
) for the financial year.
History
S 292-25(1A) inserted by No 15 of 2007, s 3 and Sch 1 item 261, applicable to the 2007-2008 income year and later years.
292-25(1)
The taxable component of a directed termination payment (within the meaning of section 82-10F) made in a financial year on behalf of you is not included in your concessional contributions (see section 292-25 of the
Income Tax Assessment Act 1997
) for the financial year, to the extent that the component does not exceed the amount mentioned in subsection (2).
History
S 292-25(1) amended by
No 15 of 2007
, s 3 and Sch 1 items 262 and 263, by substituting
"
The taxable component of a directed termination payment
"
for
"
A directed termination payment
"
and substituting
"
the component
"
for
"
it
"
, applicable to the 2007-2008 income year and later years.
292-25(2)
The amount is $1,000,000, reduced by the taxable component of every transitional termination payment (within the meaning of section
82-10
) made to you during the period:
(a)
starting on 1 July 2007; and
(b)
ending just before the directed termination payment was made.
History
S 292-25(2) amended by
No 15 of 2007
, s 3 and Sch 1 item 264, by inserting
"
the taxable component of
"
after
"
reduced by
"
, applicable to the 2007-2008 income year and later years.
S 292-25 inserted by
No 9 of 2007
, s 3 and Sch 1 item 25, effective 15 March 2007.
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