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Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv J repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZP repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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

SECTION 140ZP REDUCTION OF CAPITAL VALUE OF SUPERANNUATION PENSION  
140ZP(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 a superannuation pension that has commenced to be paid; or

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

the amount of the capital value of the pension is to be reduced by the amount rolled-over (other than the undeducted contributions and the concessional component).

140ZP(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 a superannuation pension that has commenced to be paid; or

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

the capital value of the pension is to be reduced by:

(c) if the amount rolled-over is rolled-over within 12 months of the commencement day of the superannuation pension - the amount rolled-over (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 (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 of the pension 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.

140ZP(3)
If:

(a) a payer commences or has commenced to make payments of a superannuation pension to a person (the first person ) in respect of an interest that a person has as a member of a superannuation fund; and

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

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

(d) as a result:

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

(ii) an interest in a superannuation fund 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 the capital value of the pension is taken to be reduced by an amount worked out in accordance with a method determined by the Commissioner in writing in relation to the pension.

 View history note

 Hide history note

History

S 140ZP(3) amended by No 78 of 2005; inserted by No 114 of 2001.

S 140ZP inserted by No 208 of 1992.