Income Tax Assessment Act 1936
View history note
Hide history notePart IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.
Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.
Div 2 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.
(Repealed by No 15 of 2007)
S 275B repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 275B formerly read:
If there is a pre-1 July 88 funding credit balance of a complying superannuation fund as at the beginning of the last day of a year of income, the trustee of the fund may elect that this subsection shall apply for the year of income in relation to a specified amount of taxable contributions made to the fund. The amount specified in the election shall not exceed whichever of the following is the lesser:
S 275B(2) amended by
No 80 of 2006
, s 3 and Sch 9 item 1, by substituting para (b), applicable to the use, on or after 9 May 2006, of pre-1 July 88 funding credits under section 275B of the
Income Tax Assessment Act 1936
, including use on or after that day as a result of:
Para (b) formerly read:
where:
R
is the number determined in accordance with the following table:
Taxed ETP components
is the aggregate of the taxed elements of post-June 83 components of ETPs paid out of the fund in the year of income;
Total pension components
is the aggregate of the pension components calculated under subsection (3) for each rebatable superannuation pension that is payable from the fund and has a first payment date in the year of income. S 275B(2)(b) amended by No 181 of 1994.
SECTION 275B APPLICATION OF PRE-1 JULY 88 FUNDING CREDITS
275B(1)
[Election by trustee]
275B(2)
[Limit on specified amount]
(a)
the pre-1 July 88 funding credit balance of the fund as at the beginning of the last day of the year of income;
(b)
contributions covered by subparagraph
274(1)(a)(i)
paid to the fund in the year of income that are used to fund liabilities that accrued before 1 July 1988.
(b)
the total of the amounts covered by subparagraph
274(1)(a)(i)
paid to the fund in the year of income, reduced by amounts covered by subsection
274(7)
and by the amount calculated using the formula:
R
×
(Taxed ETP components
+
Total pension components)
TABLE OF VALUES OF R
Year of income
Value of R
1988
-
89
.
0.2
1989
-
90
.
0.4
1990
-
91
.
0.6
1991
-
92
.
0.8
1992
-
93 or later
.
1.0
275B(3) [ Regulations may prescribe methods]
The regulations may prescribe either or both of the following:
(a) the manner in which the trustee of a superannuation fund is to work out the amount applicable to the fund under paragraph (2)(b) for a year of income;
(b) methods (other than the method specified in subsection (2)) of working out how the trustee of a superannuation fund can apply pre-1 July 88 funding credits.
S 275B(3) and (3A) substituted for s 275B(3) by No 80 of 2006 , s 3 and Sch 9 item 2, applicable to the use, on or after 9 May 2006, of pre-1 July 88 funding credits under section 275B of the Income Tax Assessment Act 1936 , including use on or after that day as a result of:
S 275B(3) formerly read:
275B(3)
The pension component for a rebatable superannuation pension is calculated using the formula:
(Notional purchase price − UPP) × Post-June 83 days
Accrual dayswhere:
Notional purchase price is the notional purchase price of the pension;
UPP is the amount that applies to the pension under subparagraph (a)(iv) or paragraph (b) of the definition of " undeducted purchase price " in subsection 27A(1) ;
Post-June 83 days is the number of days after 30 June 1983 in the accrual period for the pension;
Accrual days is the number of days in the accrual period for the pension.
S 275B(3) amended by No 208 of 1992.
275B(3A) [ Application of method in para (3)(b)]
Methods prescribed under paragraph (3)(b) may be applicable to particular superannuation funds or to a class or classes of superannuation funds.
S 275B(3) and (3A) substituted for s 275B(3) by No 80 of 2006 , s 3 and Sch 9 item 2, applicable to the use, on or after 9 May 2006, of pre-1 July 88 funding credits under section 275B of the Income Tax Assessment Act 1936 , including use on or after that day as a result of:
275B(4) [Exclusion of specified amount]
The assessable income of the fund of the year of income shall not include the amount specified in the election.
275B(5) [Time of election]
An election by a trustee under subsection (1) must be made on or before the date of lodgment of the return of income of the trustee for the year of income to which the election relates, or before such later date as the Commissioner allows.
S 275B(5) amended by No 101 of 1992.
275B(6)
(Repealed by No 80 of 2006 )
S 275B(6) repealed by No 80 of 2006 , s 3 and Sch 9 item 3, applicable to the use, on or after 9 May 2006, of pre-1 July 88 funding credits under section 275B of the Income Tax Assessment Act 1936 , including use on or after that day as a result of:
S 275B(6) formerly read:
275B(6) [ " 1988-89 " ]In this section:
"1988-89"
means the year of income commencing on 1 July 1988 and so on for other years of income.
275B(7)
(Repealed by No 80 of 2006 )
S 275B(7) repealed by No 80 of 2006 , s 3 and Sch 9 item 3, applicable to the use, on or after 9 May 2006, of pre-1 July 88 funding credits under section 275B of the Income Tax Assessment Act 1936 , including use on or after that day as a result of:
S 275B(7) formerly read:
275B(7) [Definitions]In this section:
"accrual period"
has the meaning given by section 275C ;HistoryDefinition of " accrual period " substituted by No 208 of 1992.
"first payment date"
, in relation to a pension, means the first day of the period to which the first payment of the pension relates;HistoryDefinition of " first payment date " substituted by No 208 of 1992.
"notional purchase price"
, in relation to a pension, means the net present value of the pension on the date on which the pension first commenced to be payable;HistoryDefinition of " notional purchase price " inserted by No 208 of 1992.
"rebatable superannuation pension"
has the same meaning as in Subdivision AAB of Division 17 of Part III .
S 275B inserted by No 105 of 1989.
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