Income Tax Regulations 1936 (Repealed)

Pt 5A repealed by SLI No 89 of 2007, reg 3 and Sch 1 item 4, effective 1 July 2007.

Pt 5A inserted by SR No 461 of 1994.

Div 2 repealed by SLI No 89 of 2007, reg 3 and Sch 1 item 4, effective 1 July 2007.

Reg 53 repealed by SLI No 89 of 2007, reg 3 and Sch 1 item 4, effective 1 July 2007. Reg 53 formerly read:

REGULATION 53 RBLs - PERSONS AGED AT LEAST 45, BUT UNDER 50, ON 1 JULY 1994  
53(1)
In this regulation, " eligible person " means a person born:

(a) after 1 July 1944; and

(b) on or before 1 July 1949.

53(2)
An eligible person has a transitional lump sum RBL if:

(a) the amount of the person ' s HAS-based lump sum RBL exceeds $400,000; and

(b) an amount exceeding $400,000 is obtained by adding:

(i) the amount of the person ' s vested superannuation benefit; and

(ii) the amount calculated in accordance with the following formula:

(	HAS-based lump sum RBL	−	vested superannuation benefit	)	×   N
1826

where N is the number of days by which the person ' s age on 1 July 1994 exceeds the person ' s age on his or her 45th birthday.

Note: The number " 1826 " in the formula is the number of days in the period commencing on 1 July 1944 and ending on 30 June 1949.

53(3)
Subject to regulation 53B , if an eligible person has a transitional lump sum RBL under subregulation (2), the amount of that RBL is the lesser of:

(a) the amount worked out, in relation to the person, under paragraph (2)(b); and

(b) the person ' s HAS-based lump sum RBL.

53(4)
An eligible person has a transitional pension RBL if:

(a) the amount of the person ' s HAS-based pension RBL exceeds $800,000; and

(b) an amount exceeding $800,000 is obtained by adding:

(i) the amount of the person ' s vested superannuation benefit; and

(ii) the amount calculated in accordance with the following formula:

(	HAS-based pension RBL	−	vested superannuation benefit	)	×   N
1826

where N is the number of days by which the person ' s age on 1 July 1994 exceeds the person ' s age on his or her 45th birthday.

Note: The number " 1826 " in the formula is the number of days in the period commencing on 1 July 1944 and ending on 30 June 1949.

53(5)
Subject to regulation 53B , if an eligible person has a transitional pension RBL under subregulation (4), the amount of that RBL is the lesser of:

(a) the amount worked out, in relation to the person, under paragraph (4)(b); and

(b) the person ' s HAS-based pension RBL.

Reg 53 inserted by SR No 461 of 1994.