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Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv G repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZD repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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

SECTION 140ZD LUMP SUM RBLs AND PENSION RBLs  
140ZD(1) Lump sum RBL.  

A person ' s lump sum RBL for a year of income is:

(a) if the year of income is the 1994-95 year of income - whichever of the following amounts is applicable:

(i) if the benefit against which the RBL is being assessed is:

(A) an ETP that was made in relation to the recipient on a day ( ETP day ) before the recipient ' s 55th birthday; or

(B) a superannuation pension or annuity that does not meet the pension and annuity standards, where the commencement day occurred before the recipient ' s 55th birthday;

$400,000, discounted by 2.5% for each whole year in the period:

(C) beginning on the birthday of the recipient immediately before the ETP day or the commencement day or, if the ETP day or the commencement day falls on a birthday of the recipient, on that birthday; and

(D) ending immediately before the day that will be the recipient ' s 55th birthday;

(ii) in any other case - $400,000; or

(b) if the year of income is the 1995-96 year of income or a later year of income - the amount worked out under paragraph (a) subject to the indexation arrangements set out in subsection (3).

[ CCH Note: From 1996/97, the lump sum RBL has been altered under s 140ZD(3) to the following amounts:

Income year	$
1996/97	434,720
1997/98	454,718
1998/99	471,088
1999/2000	485,692
2000/01	506,092
2001/02	529,372
2002/03	562,195
2003/04	588,056
2004/05	619,223
2005/06	648,946
2006/07	678,149]

140ZD(2) Pension RBL.  

A person ' s pension RBL for a year of income is:

(a) if the year of income is the 1994-95 year of income - $800,000; or

(b) if the year of income is the 1995-96 year of income or a later year of income - the amount worked out under paragraph (a) subject to the indexation arrangements set out in subsection (3).

[ CCH Note: From 1996/97, the pension RBL has been altered under s 140ZD(3) to the following amounts:

Income year	$
1996/97	869,440
1997/98	909,435
1998/99	942,175
1999/2000	971,382
2000/01	1,012,181
2001/02	1,058,741
2002/03	1,124,384
2003/04	1,176,106
2004/05	1,238,440
2005/06	1,297,886
2006/07	1,356,291]

140ZD(3) Indexation.  

Subsections (1) and (2) apply for the 1995-96 year of income or a later year of income as if each indexable amount were replaced by the amount worked out using the formula:

Indexation factor

×

Previous indexable amount

where:

" Indexation factor " means the indexation factor for the year of income worked out under section 159SG ;

" Previous indexable amount " means the indexable amount for the previous year of income.

140ZD(4) Meaning of " indexable amount " .  

In subsection (3):

indexable amount
means:

(a) an amount of $400,000 or $800,000 specified in subsection (1) or (2); or

(b) if that amount has previously been altered under subsection (3) - the altered amount.

140ZD(5) Section has effect subject to section 140ZE .  

This section has effect subject to section 140ZE .

S 140ZD inserted by No 208 of 1992.