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S 27C repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years.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

SECTION 27C ASSESSABLE INCOME TO INCLUDE 5% OF CERTAIN AMOUNTS  
27C(1) [Assessable income]  

Subject to subsection (1A), if an ETP is made in relation to a taxpayer in a year of income, the taxpayer ' s assessable income of the year of income includes 5% of the retained amount of the pre-July 83 component.

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History

S 27C(1) substituted by No 208 of 1992.

27C(1A) [Commissioner ' s discretion]  

If the Commissioner, having regard to the extent to which the ETP would have been included in the assessable income of the taxpayer if the amendments made by the Income Tax Assessment Amendment Act (No. 3) 1984 had not been made, considers that it is appropriate that a lesser amount be included instead in the taxpayer ' s assessable income, that lesser amount shall be included.

27C(2) [Concessional component]  

If an ETP is made in relation to a taxpayer in a year of income, the taxpayer ' s assessable income of the year of income includes 5% of the retained amount of the concessional component.

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History

S 27C(2) substituted by No 208 of 1992.

S 27AA - 27CA substituted by No 105 of 1989.

S 27C inserted by No 47 of 1984.