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Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv H repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZN repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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

SECTION 140ZN REDUCTION OF ETP TAKEN INTO ACCOUNT IN WORKING OUT RBL AMOUNT OF ANNUITY - ROLL-OVERS AND PAYMENT SPLITS  
140ZN(1) Pre-1 July 1992 roll-overs or commutations.  

If, before 1 July 1992:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity that has commenced to be paid; or

(b) a person commutes the whole or a part of an annuity that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;

then, in working out the RBL amount of the annuity, the amount of the ETP rolled-over to purchase the annuity is to be reduced by the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions and the concessional component).

140ZN(2) Post-30 June 1992 roll-overs or commutations.  

If, on or after 1 July 1992:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity that has commenced to be paid; or

(b) a person commutes the whole or a part of an annuity that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;

then, in working out the RBL amount of the annuity, the ETP rolled-over to purchase the annuity is to be reduced by:

(c) if the amount rolled-over as mentioned in paragraph (a) or (b) is rolled-over within 12 months of the commencement day of the annuity - the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions, the concessional component and the post-June 1994 invalidity component); or

(d) in any other case - the amount worked out using the formula:

Amount rolled-over

×

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

where:

" Amount rolled-over " means the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions, the concessional component and the post-June 1994 invalidity component);

" Index number for payment quarter " means the index number for the quarter in which the commencement day for the annuity occurs;

" Index number for second-last quarter " means the index number for the quarter 2 quarters before the quarter in which the roll-over occurred.

140ZN(3)
If:

(a) a payer commences or has commenced to make payments of an eligible annuity (within the meaning of Part VIIIB of the Family Law Act 1975 ) to a person; and

(b) the annuity counts or counted towards the person ' s RBLs; and

(c) a payment split then applies to a splittable payment in respect of that annuity; and

(d) as a result:

(i) a payment is made to or for the benefit of the non-member spouse; or

(ii) an annuity (within the meaning of subsection 27A(1) of this Act) is created for, or an amount is transferred to a superannuation fund for the benefit of, the non-member spouse in circumstances prescribed by the regulations;

then, in working out the RBL amount of the eligible annuity, the amount of the ETP rolled-over to purchase that annuity is to be reduced by an amount worked out in accordance with a method determined by the Commissioner in writing in relation to the annuity.

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History

S 140ZN(3) inserted by No 78 of 2005.

140ZN(4)
A determination made under subsection (3) is a legislative instrument, but neither section 42 nor Part 6 of the Legislative Instruments Act 2003 applies to the determination.

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History

S 140ZN(4) inserted by No 78 of 2005.

S 140ZN inserted by No 208 of 1992.