S 140ZF repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140ZF formerly read:
SECTION 140ZF ASSESSMENT OF BENEFITS AGAINST LUMP SUM RBL
140ZF(1)
ETPs.
An ETP made in relation to a person in a year of income is to be assessed against the person
'
s lump sum RBL for the year of income if the sum of:
(a)
the amount of the ETP (other than any part of the ETP that consists of the retained amount of the undeducted contributions, the retained amount of the concessional component, the retained amount of the post-June 1994 invalidity component or the non-qualifying component); and
(b)
the qualifying portions of any ETPs previously received by the person; and
(c)
the qualifying portions of any superannuation pensions or annuities previously received by the person, where the pensions or annuities did not meet the pension and annuity standards;
is more than:
(d)
if the ETP was made before the person
'
s 55th birthday
-
whichever is the lesser of:
(i)
50% of the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s lump sum RBL for the year of income; or
(e)
in any other case
-
50% of whichever is the lesser of:
(i)
the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s pension RBL for the year of income.
140ZF(2)
Superannuation pension or annuity meeting the pension and annuity standards.
A superannuation pension or annuity that commences to be paid to a person in a year of income and that meets the pension and annuity standards is to be assessed against the person
'
s lump sum RBL for the year of income if the sum of:
(a)
the amount that is:
(i)
the capital value of the pension; or
(ii)
the amount of the ETP rolled-over to purchase the annuity (other than any part that consists of the undeducted contributions, the concessional component or the post-June 1994 invalidity component);
as the case requires; and
(b)
the qualifying portions of any superannuation pensions or annuities previously received by the person that met the pension and annuity standards;
is less than:
(c)
if the commencement day of the pension or annuity occurred before the person
'
s 55th birthday
-
whichever is the lesser of:
(i)
50% of the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s lump sum RBL for the year of income; or
(d)
in any other case
-
50% of whichever is the lesser of:
(i)
the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s pension RBL for the year of income.
140ZF(3)
Superannuation pension and annuity not meeting the pension and annuity standards.
A superannuation pension or annuity that commences to be paid to a person in a year of income and that does not meet the pension and annuity standards is to be assessed against the person
'
s lump sum RBL for the year of income if the sum of:
(a)
the amount that is:
(i)
the capital value of the pension; or
(ii)
the amount of the ETP rolled-over to purchase the annuity (other than any part that consists of the undeducted contributions, the concessional component or the post-June 1994 invalidity component);
as the case requires; and
(b)
the qualifying portions of any superannuation pensions or annuities previously received by the person, where the pensions or annuities did not meet the pension and annuity standards; and
(ba)
the qualifying portions of any ETPs previously received by the person;
is more than:
(c)
if the commencement day of the pension or annuity occurred before the person
'
s 55th birthday
-
whichever is the lesser of:
(i)
50% of the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s lump sum RBL for the year of income; or
(d)
in any other case
-
50% of whichever is the lesser of:
(i)
the sum of:
(A)
the qualifying portions of all benefits previously received by the person; and
(B)
the amount referred to in paragraph (a); or
(ii)
the person
'
s pension RBL for the year of income.
History
S 140ZF(3)(ba) inserted by No 138 of 1994.
140ZF(4)
Special overriding rule.
If:
(a)
apart from this subsection, a benefit (
current benefit
) is to be assessed against the recipient
'
s lump sum RBL for a year of income; and
(b)
the sum of the qualifying portions of all superannuation pensions or annuities previously received by the recipient, where the pensions or annuities met the pension and annuity standards, is greater than 50% of the recipient
'
s pension RBL for the year of income;
then, in spite of subsections (1), (2) and (3), the current benefit is not to be assessed against the recipient
'
s lump sum RBL for the year of income.
140ZF(5)
Death benefit ETPs never to be assessed against lump sum RBL.
In spite of subsections (1), (2) and (3), the current benefit is not to be assessed against the recipient
'
s lump sum RBL for the year of income if the current benefit is an ETP that is a death benefit within the meaning of section
27AAA
.
History
S 140ZF(5) inserted by No 7 of 1993.
S 140ZF inserted by No 208 of 1992.
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