Income Tax Assessment Act 1936
View history note
Hide history noteDiv 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
Div 14 inserted by No 208 of 1992.
Former Div 14 (s 137-140) repealed by No 126 of 1977.
Subdiv D repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 140T repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140T formerly read:
Subject to this section, if:
the Commissioner must, within 60 days after receiving the notice, make an interim determination of: S 140T(1)(b)(ii) amended by No 76 of 1996. S 140T(1) amended by No 138 of 1994.
SECTION 140T INTERIM DETERMINATIONS
140T(1)
Commissioner to make interim determination.
(a)
the Commissioner, having received a notice under subsection
140M(1)
:
(i)
is required to make a final determination in relation to an ETP or the payment of a superannuation pension or an annuity; or
(ii)
would have been required to make such a final determination if subsection
140R(4)
(which deals with tax file numbers) had not been enacted; and
(b)
either:
(i)
the Commissioner does not have sufficient information to make the determination; or
(ii)
the notice does not specify the tax file number of the person whose tax file number may be quoted to the payer concerned under section
140N
and the Commissioner has not otherwise found out the person
'
s tax file number;
(c)
whether the ETP, pension or annuity is in excess of the recipient
'
s RBLs; and
(d)
if the ETP, pension or annuity is in excess of the recipient
'
s RBLs:
(i)
the extent to which it is in excess of the recipient
'
s RBLs; and
(ii)
in the case of a rebatable superannuation pension or a rebatable ETP annuity
-
the rebatable proportion of the pension or annuity.
140T(2) Where tax file number not specified.
Subject to subsection (2A), if the notice does not specify the recipient ' s tax file number and the Commissioner has not otherwise found out that tax file number, then, in spite of any other provision of this Division, the Commissioner ' s interim determination must be to the effect that:
(a) the whole of the RBL amount of the ETP, pension or annuity is in excess of the recipient ' s RBLs; and
(b) in the case of a rebatable superannuation pension or a rebatable ETP annuity - the rebatable proportion of the pension or annuity is 0.
S 140T(2) amended by No 76 of 1996 and No 138 of 1994.
140T(2A) Exception in case of death benefit ETPs.
Subsection (2) does not apply if:
(a) the ETP is made in relation to the recipient as a result of the death of the recipient; and
(b) the Commissioner is satisfied that the recipient has a tax file number.
S 140T(2A) inserted by No 138 of 1994.
140T(2B) Application of subsection (1) in respect of commutation ETPs.
If the ETP:
(a) was made in relation to the person as a result of the commutation or partial commutation of, or the residual capital value of, a superannuation pension or annuity; or
(b) arose from the commutation or partial commutation of a superannuation pension or annuity to which paragraph 140ZC(2)(d) applies;
the determination that the Commissioner must make is that the ETP is in excess of the person ' s RBLs to the extent worked out using the formula:
S 140T(2B) inserted by No 138 of 1994.
140T(2C) Application of subsection (1) in respect of commutation pensions and annuities.
If the superannuation pension or annuity mentioned in subsection (1) is a residual pension or residual annuity payable on the commutation or partial commutation of another superannuation pension or annuity, the determination that the Commissioner must make is:
(a) that the superannuation pension or annuity is in excess of the person ' s RBLs; and
(b) that the rebatable proportion of the superannuation pension or annuity is the same as the rebatable proportion of the other superannuation pension or annuity.
S 140T(2C) inserted by No 138 of 1994.
140T(3) Interim determination that benefit is not in excess of RBLs to take effect as final determination.
If an interim determination is to the effect that a benefit is not in excess of the recipient ' s RBLs, the interim determination has effect as if it were a final determination.
140T(4) [Commutation of pension under payment split]
This section is subject to section 140UA .
S 140T(4) inserted by No 114 of 2001.
S 140T inserted by No 208 of 1992.
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