S 140ZN repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140ZN formerly read:
SECTION 140ZN REDUCTION OF ETP TAKEN INTO ACCOUNT IN WORKING OUT RBL AMOUNT OF ANNUITY
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ROLL-OVERS AND PAYMENT SPLITS
140ZN(1)
Pre-1 July 1992 roll-overs or commutations.
If, before 1 July 1992:
(a)
a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity that has commenced to be paid; or
(b)
a person commutes the whole or a part of an annuity that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;
then, in working out the RBL amount of the annuity, the amount of the ETP rolled-over to purchase the annuity is to be reduced by the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions and the concessional component).
140ZN(2)
Post-30 June 1992 roll-overs or commutations.
If, on or after 1 July 1992:
(a)
a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity that has commenced to be paid; or
(b)
a person commutes the whole or a part of an annuity that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;
then, in working out the RBL amount of the annuity, the ETP rolled-over to purchase the annuity is to be reduced by:
(c)
if the amount rolled-over as mentioned in paragraph (a) or (b) is rolled-over within 12 months of the commencement day of the annuity
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the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions, the concessional component and the post-June 1994 invalidity component); or
(d)
in any other case
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the amount worked out using the formula:
|
Amount rolled-over
|
× |
Index number for payment quarter
Index number for second-last quarter
|
where:
"
Amount rolled-over
"
means the amount rolled-over as mentioned in paragraph (a) or (b) (other than the undeducted contributions, the concessional component and the post-June 1994 invalidity component);
"
Index number for payment quarter
"
means the index number for the quarter in which the commencement day for the annuity occurs;
"
Index number for second-last quarter
"
means the index number for the quarter 2 quarters before the quarter in which the roll-over occurred.
140ZN(3)
If:
(a)
a payer commences or has commenced to make payments of an eligible annuity (within the meaning of Part VIIIB of the
Family Law Act 1975
) to a person; and
(b)
the annuity counts or counted towards the person
'
s RBLs; and
(c)
a payment split then applies to a splittable payment in respect of that annuity; and
(d)
as a result:
(i)
a payment is made to or for the benefit of the non-member spouse; or
(ii)
an annuity (within the meaning of subsection
27A(1)
of this Act) is created for, or an amount is transferred to a superannuation fund for the benefit of, the non-member spouse in circumstances prescribed by the regulations;
then, in working out the RBL amount of the eligible annuity, the amount of the ETP rolled-over to purchase that annuity is to be reduced by an amount worked out in accordance with a method determined by the Commissioner in writing in relation to the annuity.
History
S 140ZN(3) inserted by No 78 of 2005.
140ZN(4)
A determination made under subsection (3) is a legislative instrument, but neither section
42
nor Part 6 of the
Legislative Instruments Act 2003
applies to the determination.
History
S 140ZN(4) inserted by No 78 of 2005.
S 140ZN inserted by No 208 of 1992.
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