S 140ZP repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140ZP formerly read:
SECTION 140ZP REDUCTION OF CAPITAL VALUE OF SUPERANNUATION PENSION
140ZP(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 a superannuation pension that has commenced to be paid; or
(b)
a person commutes the whole or a part of a superannuation pension that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;
the amount of the capital value of the pension is to be reduced by the amount rolled-over (other than the undeducted contributions and the concessional component).
140ZP(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 a superannuation pension that has commenced to be paid; or
(b)
a person commutes the whole or a part of a superannuation pension that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;
the capital value of the pension is to be reduced by:
(c)
if the amount rolled-over is rolled-over within 12 months of the commencement day of the superannuation pension
-
the amount rolled-over (other than the undeducted contributions, the concessional component and the post-June 1994 invalidity component); or
(d)
in any other case
-
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 (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 of the pension 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.
140ZP(3)
If:
(a)
a payer commences or has commenced to make payments of a superannuation pension to a person (the
first person
) in respect of an interest that a person has as a member of a superannuation fund; and
(b)
the pension counts or counted towards the first person's RBLs; and
(c)
a payment split then applies to a splittable payment in respect of that interest; and
(d)
as a result:
(i)
a payment is made to or for the benefit of the non-member spouse; or
(ii)
an interest in a superannuation fund 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 the capital value of the pension is taken to be reduced by an amount worked out in accordance with a method determined by the Commissioner in writing in relation to the pension.
History
S 140ZP(3) amended by No 78 of 2005; inserted by No 114 of 2001.
S 140ZP inserted by No 208 of 1992.
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