Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 8   Amendments abolishing a taxpayer's ability to choose which parts of an ETP (other than undeducted contributions and concessional components) are rolled-over

44   Assessable income to include 5% of certain amounts

Section 27C of the Principal Act is amended:

(a) by omitting subsection (1) and substituting the following subsection:

"(1) 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.";

(b) by omitting subsection (2) and substituting the following subsection:

"(2) 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.".