Income Tax Assessment Act 1936

Subdiv 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.

S 27CAB repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27CAB formerly read:

SECTION 27CAB WORKING OUT THE PREVIOUSLY EXEMPT AMOUNTS FOR THE PURPOSES OF A RELEVANT PAYMENT UNDER SECTION 27CAA  
27CAB(1) [Previously exempt amount]  

For the purposes of section 27CAA , an amount is a previously exempt amount in respect of a relevant payment if:

(a) the payment day entitlement in respect of the relevant payment, or part of that payment day entitlement, is attributable to the amount; and

(b) the amount relates to a payment (the previously exempt payment ) made from a fund that is an eligible non-resident non-complying superannuation fund in relation to a taxpayer; and

(c) the amount would have been included in the taxpayer ' s assessable income under subsection 27CAA(1) but for the payment having been made to another eligible non-resident non-complying superannuation fund.

27CAB(2) [Application of formula]  

The previously exempt amount in respect of a previously exempt payment is the amount of the previously exempt payment that would have been included in the taxpayer ' s assessable income by the application of the formula in subsection 27CAA(2) (except the part of the formula that requires the addition of previously exempt amounts).

27CAB(3) [Interpretation]  

In this section:

payment day entitlement
has the same meaning as in subsection 27CAA(2) .

relevant payment
has the same meaning as in subsection 27CAA(2) .

S 27CAA and s 27CAB substituted for s 27CAA by No 83 of 2004.