Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Income Tax Assessment Act 1997

241   Paragraph 320-246(4)(a)

Repeal the paragraph, substitute:

(a) the total amount payable for its commutation to exceed:

(i) if the annuity is a *superannuation income stream that was purchased on or after 1 July 2007 - the amount of the *taxable component of the *superannuation interest supporting the superannuation income stream; or

(ii) if subparagraph (i) does not apply - its reduced purchase price (within the meaning of former section 27A of the Income Tax Assessment Act 1936 just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007).