Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 2   INCOME TAX ASSESSMENT ACT 1936

Division 11   Lump sum payments made from resident non-complying superannuation funds

71   Before section 27D

Insert:

Exemption from tax-payment from eligible resident non-complying superannuation fund

"27CE. (1) If:

(a) a lump sum payment (including a payment made as a result of the commutation of a superannuation pension or of an annuity) is made from a fund that is an eligible resident non-complying superannuation fund in respect of a taxpayer when the payment is made; and

(b) had the fund been a superannuation fund, the payment would, apart from paragraph (ma) of the definition of 'eligible termination payment' in subsection 27A(1), have been an eligible termination payment;

the taxpayer's assessable income does not include that payment.

"(2) Subsection 27A(3) applies for the purposes of this section in a corresponding way to the way in which it applies for the purposes of the definition of 'eligible termination payment' in subsection 27A(1).".