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Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv J repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZO repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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

SECTION 140ZO CAPITAL VALUE OF SUPERANNUATION PENSION  
140ZO(1) Capital value - basic rule.  

Subject to subsections (2) and (3), the capital value of a superannuation pension that has commenced to be paid is worked out using the formula:

where:

Annual value means the annual value of the pension.

Pension valuation factor means the pension valuation factor applicable to the pension.

Undeducted purchase price means the undeducted purchase price of the pension, reduced by so much of the purchase price of the pension as is taken, because of section 27D , to consist of an amount to which sub-subparagraph 27D(1)(b)(iii)(DA) applies.

Residual capital value means the present value of the residual capital value, if any, of the pension.

 View history note

 Hide history note

History

S 140ZO(1) amended by No 147 of 1997.

140ZO(2) Capital value - pension not payable for life.  

The capital value of a superannuation pension that is not payable for life is the amount calculated in accordance with a method determined by the Commissioner in writing in relation to the pension.

140ZO(3) Capital value - substituted pension.  

The capital value of a superannuation pension that is payable to a person as a result of an arrangement under which that person:

(a) ceases to be entitled to a superannuation pension (the old pension ) that has commenced to be paid to the person from a superannuation fund; and

(b) becomes entitled to be paid a superannuation pension (the new pension ) from another superannuation fund;

is the amount worked out using the formula:

where:

Excess annual value means the amount by which the annual value of the new pension exceeds the annual value of the old pension;

Pension valuation factor means the pension valuation factor applicable to the pension;

Excess undeducted purchase price means the amount by which the undeducted purchase price of the new pension (as reduced by so much of the purchase price of the pension as is taken, because of section 27D , to consist of an amount to which sub-subparagraph 27D(1)(b)(iii)(DA) applies) exceeds the undeducted purchase price of the old pension (as reduced in the same way);

Excess residual capital value means the amount by which the present value of the residual capital value (if any) of the new pension exceeds the present value of the residual capital value (if any) of the old pension.

 View history note

 Hide history note

History

S 140ZO(3) amended by No 147 of 1997.

140ZO(4) Meaning of " present value of the residual capital value of a pension " .  

For the purposes of this section, the present value of the residual capital value (if any) of a pension is to be worked out in accordance with a method determined by the Commissioner in writing.

140ZO(5) Meaning of " annual value " .  

In this section:

annual value
, in relation to a pension, means the amount worked out by multiplying:

(a) the greatest number of payments of the pension that could be made in respect of the 12-month period beginning on the commencement day of that pension;

by:

(b) the amount of the first regular payment of the pension.

S 140ZO inserted by No 208 of 1992.