Income Tax (Transitional Provisions) Act 1997

[ CCH Note: S 320-246 was inserted by No 15 of 2007, s 3 and Sch 3 item 51, applicable to the 2007-08 income year and later income years. This item was repealed by No 19 of 2010, s 3 and Sch 3 item 10, applicable to the 2007-08 income year and later income years.

No 19 of 2010, s 3 and Sch 3 item 12 contains the following provision relating to the repeal:

Effect of repeal  
12
To avoid doubt, the following provisions are taken never to have had effect:

(a) item 30 of the table in item 214 of Schedule 7 to the Tax Laws Amendment (2006 Measures No 2) Act 2006 ;

(b) items 237, 238, 239 and 241 of Schedule 1, and item 51 of Schedule 3, to the Superannuation Legislation Amendment (Simplification) Act 2007 .

Note 1:

The provision mentioned in paragraph (a) is repealed by Division 2 of Part 1 of this Schedule.

Note 2:

The provisions mentioned in paragraph (b) are repealed by Division 2 of Part 2 of this Schedule.

S 320-246 formerly read:

SECTION 320-246 Exempt life insurance policy - extended meaning of roll-over superannuation benefit  
320-246
For the purposes of paragraph 320-246(1)(e) of the Income Tax Assessment Act 1997 , treat a payment as a roll-over superannuation benefit if:

(a) the payment was made before 1 July 2007; and

(b) it was a rolled-over amount (within the meaning of section 27A of the Income Tax Assessment Act 1936 as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ).