Income Tax Assessment Act 1936
View history note
Hide history noteSubdiv AA (heading) substituted by No 15 of 2007, s 3 and Sch 1 item 59, applicable to the 2007-2008 income year and later years. The heading formerly read:
Subdivision AA - Superannuation, termination of employment and kindred payments
Subdiv AA inserted by No 47 of 1984.
(Repealed by No 15 of 2007)
S 27AAAA repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27AAAA formerly read:
For the purposes of sub-subparagraph (a)(ii)(C) of the definition of
undeducted purchase price
in subsection
27A(1)
, this section applies to an annuity or superannuation pension if:
SECTION 27AAAA UNDEDUCTED PURCHASE PRICE
-
INTERPRETATION
27AAAA(1)
Annuities and superannuation pensions to which this section applies.
(a)
the annuity or superannuation pension has one or more underlying commutation ETPs (see subsection (3)); and
(b)
for each of the underlying commutation ETPs that is an original underlying commutation ETP (see subsection (5)), the commencement day (see subsection (6)) was before 1 July 1994.
27AAAA(2) Meaning of commutation ETP.
An ETP is a commutation ETP if it is covered by any of paragraphs (d), (daa), (e), (ea), (f), (g), (gaa), (h), (ha) or (j) of the definition of eligible termination payment in subsection 27A(1) .
S 27AAAA(2) amended by No 66 of 2003.
27AAAA(3) Meaning of underlying commutation ETP.
A commutation ETP is an underlying commutation ETP of an annuity or superannuation pension (the current annuity or pension ) if:
(a) the purchase price of the current annuity or pension consists only of one or more rolled-over amounts, where at least one rolled-over amount is the whole or part of the commutation ETP and any other rolled-over amount is the whole or part of another commutation ETP; or
(b) the following apply:
(i) the purchase price of another annuity or pension consists only of one or more rolled-over amounts, where at least one rolled-over amount is the whole or part of the commutation ETP and any other rolled-over amount is the whole or part of another commutation ETP;
(ii) that other annuity or pension gave rise (see subsection (4)) to another commutation ETP that, by one or more other applications of this subsection, is an underlying commutation ETP of the current annuity or pension.
27AAAA(4) When an annuity or superannuation pension gives rise to a commutation ETP.
An annuity or superannuation pension gives rise to a commutation ETP if:
(a) the commutation ETP results from the commutation of the whole or part of the annuity or superannuation pension; or
(b) the commutation ETP is a payment of, or represents, the residual capital value of the annuity or superannuation pension.
S 27AAAA(4) amended by No 66 of 2003.
27AAAA(5) Meaning of original underlying commutation ETP.
An underlying commutation ETP is an original underlying commutation ETP if the annuity or superannuation pension that gave rise to it has no underlying commutation ETP.
27AAAA(6) Meaning of commencement day.
The commencement day of an annuity or superannuation pension is the first day of the period to which the first payment of the annuity or superannuation pension relates.
S 27AAAA inserted by No 169 of 1995.
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