Income Tax Assessment Act 1936

Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv E repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZA repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140ZA formerly read:

SECTION 140ZA WHEN BENEFITS EXCEED RECIPIENT ' s RBLs  
140ZA(1) When benefits not in excess of recipient ' s RBLs.  

If:

(a) a benefit ( current benefit ) does not count towards the recipient ' s RBLs; or

(b) the amount calculated in relation to the current benefit using the RBL formula in subsection (3) does not exceed 0;

the benefit is not in excess of the recipient ' s RBLs.

140ZA(2) When benefits in excess of recipient ' s RBLs.  

If:

(a) section 140M applies to a benefit ( current benefits ); and

(b) the amount calculated in relation to the current benefit using the RBL formula in subsection (3) exceeds 0;

then:

(c) the current benefit is in excess of the recipient ' s RBLs; and

(d) the amount of that excess is equal to so much of the RBL amount of the current benefit as does not exceed the amount calculated using that formula.

140ZA(3) RBL formula.  

This is the RBL formula mentioned in subsections (1) and (2):

RBL amount of current benefit

+

Sum of adjusted RBL amounts of previous benefits

−

Applicable   RBL

where:

" RBL amount of current benefit " means the RBL amount of the current benefit;

" Sum of adjusted RBL amounts of previous benefits " has the meaning given by subsection (4);

" Applicable RBL " means:

(a) if the current benefit is to be assessed against the recipient ' s lump sum RBL for the year of income in which the current benefit was paid or commenced to be paid - that lump sum RBL; or

(b) in any other case - the recipient ' s pension RBL for the year of income in which the current benefit was paid or commenced to be paid.

140ZA(4) Sum of adjusted RBL amounts of previous benefits.  

The sum of the adjusted RBL amounts of previous benefits is worked out by:

(a) calculating the following amount for each benefit that was previously received by the recipient:

RBL amount

×

Index number for second-last quarter Index number for payment quarter

where:

" RBL amount " means the RBL amount of the benefit, reduced by any excessive component or excessive amount;

" Index number for second-last quarter " means the index number for the quarter 2 quarters before the quarter in which the current benefit was paid or in which the commencement day of the current benefit occurred;

" Index number for payment quarter " means the index number for the quarter in which the previous benefit was paid or in which the commencement day of the previous benefit occurred; and

(b) by adding the amounts calculated under paragraph (a).

140ZA(5) No indexation if previous benefits paid within 12 months of current benefit.  

If the current benefit is paid or commences to be paid within 12 months of the payment of a previous benefit or of the commencement day of a previous benefit, the formula in paragraph (4)(a) applies to the previous benefit as if both of the index numbers were 1.

S 140ZA inserted by No 208 of 1992.