Income Tax Assessment Act 1936
View history note
Hide history noteSubdiv AAA repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years.
Subdiv AAA inserted by No 105 of 1989.
(Repealed by No 15 of 2007)
S 159S repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years. S 159S formerly read:
"age 55 ETP"
"annual leave"
Definition of
"
annual leave
"
inserted by No 57 of 1993.
SECTION 159S INTERPRETATION
159S
In this Subdivision, unless the contrary intention appears:
, in relation to a taxpayer, means an ETP made in relation to the taxpayer on or after the taxpayer
'
s 55th birthday;
has the same meaning as in section
26AC
;
"bona fide redundancy amount"
means a payment made (whether voluntarily, by agreement or by compulsion of law) to a person in a lump sum because of the dismissal of the person from any employment, where:
(a) the dismissal was because of the bona fide redundancy of the person; and
(b) the dismissal took place before the last retirement date (within the meaning of section 27A ) in relation to the employment; and
(c) there was, at the time of the dismissal, no agreement in force between the person and the employer, or between the employer and another person, to employ the person after that time;
Definition of " bona fide redundancy amount " inserted by No 57 of 1993.
"current year"
means the year of income for which the rebate under this Subdivision is being calculated;
"early retirement scheme amount"
means a payment made (whether voluntarily, by agreement or by compulsion of law) to a person in a lump sum because of the person
'
s retirement from any employment or because of the termination of any employment of the person, where:
(a) the retirement or termination was in accordance with an approved early retirement scheme (within the meaning of section 27E ); and
(b) the retirement or termination took place before the last retirement date (within the meaning of section 27A ) in relation to the employment; and
(c) there was, at the time of the retirement or termination, no agreement in force between the person and the employer, or between the employer and another person, to employ the person after that time;
Definition of " early retirement scheme amount " inserted by No 57 of 1993.
"eligible assessable income"
means the total of the amounts included in the assessable income of the taxpayer of the current year under the following provisions:
(a) section 26AC , in respect of:
(i) unused annual leave, or unused annual leave and a bonus, loading or other additional payment relating to that leave, that accrued to the taxpayer in respect of service before 18 August 1993; or
(ii) bona fide redundancy amounts, early retirement scheme amounts and invalidity amounts, paid on or after 18 August 1993;
(b) subsections 26AD(2), (3) and (4) :
(i) in respect of a bona fide redundancy amount, an early retirement scheme amount or an invalidity amount; or
(ii) if subparagraph (i) does not apply to the amount and the eligible service period mentioned in subsection 26AD(2), (3) or (4) began on or before 17 August 1993 - to the extent that the amount exceeds the post 1993 Budget component (if any) of the amount;
(c) subsection 27B(1) or (1A) ;
Definition of " eligible assessable income " amended by No 7 and No 57 of 1993.
"employment"
includes holding an office;
Definition of " employment " inserted by No 57 of 1993.
"ETP"
has the same meaning as in Subdivision AA of Division
2
;
"golden handshake ETP"
(Omitted by No 7 of 1993)
"invalidity amount"
means a payment made (whether voluntarily, by agreement or by compulsion of law) to a person in a lump sum because of the person
'
s retirement from any employment or because of the termination of any employment of the person, where:
(a) either of the following applies:
(i) the payment was made to the person before 1 July 1994 and the retirement or termination was because of the person ' s physical or mental incapacity to engage in the employment;
(ii) the payment was made on or after 1 July 1994 and the retirement or termination was because of the disability of the person, where 2 legally qualified medical practitioners have certified that the disability was likely to result in the person being unable ever to be employed in a capacity for which the person is reasonably qualified because of education, training or experience; and
(b) the retirement or termination took place before the last retirement date (within the meaning of section 27A ) in relation to the employment;
Definition of " invalidity amount " inserted by No 57 of 1993.
"life assurance company"
(Omitted by No 7 of 1993)
"non-age 55 ETP"
means an ETP other than an age 55 ETP;
"post 1993 Budget component"
, in relation to an amount included in the taxpayer
'
s assessable income under subsection
26AD(2), (3) or (4)
, means so much of the lump sum payment concerned (that is, the amount mentioned in subsection
26AD(1)
) as would be included in the taxpayer
'
s assessable income under subsection
26AD(3) or (4)
if references in those subsections to 15 August 1978 (disregarding any application of subsection
26AD(12) or (13)
) were instead references to 17 August 1993;
Definition of " post 1993 Budget component " inserted by No 57 of 1993.
"registered organization"
(Omitted by No 7 of 1993)
"resident taxpayer"
means a person who is a resident taxpayer for the current year of income within the meaning of subsection
3(1)
of the
Income Tax Rates Act 1986
;
"residual amount"
(Omitted by No 7 of 1993)
"rolled-over"
(Omitted by No 7 of 1993)
"s. 27B(1) amount"
(Omitted by No 7 of 1993)
"s. 27B(1)(a) amount"
means an amount included in assessable income under paragraph
27B(1)(a)
;
"s. 27B(1)(b) amount"
means an amount included in assessable income under paragraph
27B(1)(b)
;
"s. 27B(1A)(a) amount"
means an amount included in assessable income under paragraph
27B(1A)(a)
;
Definition of " s. 27B(1A)(a) amount " inserted by No 7 of 1993.
"s. 27B(1A)(b) amount"
means an amount included in assessable income under paragraph
27B(1A)(b)
;
Definition of " s. 27B(1A)(b) amount " inserted by No 7 of 1993.
"start date"
(Omitted by No 7 of 1993)
"superannuation-related ETP"
(Omitted by No 7 of 1993)
"Table 1"
(Omitted by No 7 of 1993)
"Table 2"
(Omitted by No 7 of 1993)
"taxable part of the taxable income"
means:
(a) if the taxpayer is a resident taxpayer in relation to the current year and neither Division 16 of this Part (Averaging of incomes) nor Division 392 (Long-term averaging of primary producers ' tax liability) of the Income Tax Assessment Act 1997 applies to the taxpayer ' s assessment for the current year - so much of the taxable income of the taxpayer of the current year as exceeds the tax threshold; and
(b) in any other case - the whole of the taxable income;
Definition of " taxable part of the taxable income " amended by No 46 of 1998.
tax threshold
means:
(a) the lower of the amounts specified in item 1 of the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 ; or
(b) if, because of section 20 of the Income Tax Rates Act 1986 , that Act applies to the taxpayer as if the reference in the table in Part I of Schedule 7 to that Act to the amount referred to in paragraph (a) were a reference to a different amount - that different amount.
Definition of " tax threshold " substituted by No 41 of 2005.
"upper limit"
has the meaning given by section
159SG
.
S 159S inserted by No 105 of 1989.
S 159S, as repealed by No 53 of 1976, inserted by No 117 of 1975.
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