Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1999 (131 of 1999)

Schedule 4   Income Tax Assessment Act 1936

1   Subsection 27A(1) (paragraph (r) of the definition of eligible termination payment )

Repeal the paragraph, substitute:

(r) an amount:

(i) received by the taxpayer, or to which the taxpayer is entitled, as the result of the commutation of a pension payable from a constitutionally protected fund (within the meaning of Part IX); and

(ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 38 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997); or

(s) an amount:

(i) received by the taxpayer, or to which the taxpayer is entitled, as the result of the commutation of a pension payable by a superannuation provider (within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997; and

(ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 43 of that Act).