S 140R repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140R formerly read:
SECTION 140R DETERMINATION OF WHETHER A BENEFIT IS IN EXCESS OF RECIPIENT
'
S RBLs
140R(1)
Commissioner to make final determination.
Subject to this section, if the Commissioner receives a notice under subsection
140M(1)
in relation to:
(a)
an ETP made in relation to a person; or
(b)
the commencement of payment to a person of a superannuation pension or an annuity;
the Commissioner must determine:
(c)
whether the ETP, pension or annuity is in excess of the person
'
s RBLs; and
(d)
if the ETP, pension or annuity is in excess of the person
'
s RBLs:
(i)
the extent to which it is in excess of the person
'
s RBLs; and
(ii)
in the case of a rebatable superannuation pension or a rebatable ETP annuity
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the rebatable proportion of the pension or annuity.
History
S 140R(1) amended by No 138 of 1994.
140R(1A)
Application of subsection (1) in respect of commutation ETPs.
If the ETP:
(a)
was made in relation to the person as a result of the commutation or partial commutation of, or the residual capital value of, a superannuation pension or annuity; or
(b)
arose from the commutation or partial commutation of a superannuation pension or annuity to which paragraph
140ZC(2)(d)
applies;
the determination that the Commissioner must make is that the ETP is in excess of the person
'
s RBLs to the extent worked out using the formula:
History
S 140R(1A) inserted by No 138 of 1994.
140R(1B)
Application of subsection (1) in respect of commutation pensions and annuities.
If the superannuation pension or annuity mentioned in subsection (1) is a residual pension or residual annuity payable on the commutation or partial commutation of another superannuation pension or annuity, the determination that the Commissioner must make is:
(a)
that the superannuation pension or annuity is in excess of the person
'
s RBLs; and
(b)
that the rebatable proportion of the superannuation pension or annuity is the same as the rebatable proportion of the other superannuation pension or annuity.
History
S 140R(1B) inserted by No 138 of 1994.
140R(2)
Final determination.
A determination made under subsection (1) is called a
final determination
.
140R(3)
Final determination to be made within 60 days.
The Commissioner must make a final determination within 60 days after receiving the notice.
140R(4)
No final determination if tax file number not provided.
The Commissioner must not make a final determination if the payer failed to provide the recipient
'
s tax file number to the Commissioner under subsection
140M(1)
and the Commissioner has not otherwise found out the recipient
'
s tax file number.
History
S 140R(4) amended by No 76 of 1996.
140R(5)
[Commutation of pension under payment split]
This section is subject to section
140UA
.
History
S 140R(5) inserted by No 114 of 2001.
S 140R inserted by No 208 of 1992.
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