S 27AAAA repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27AAAA formerly read:
SECTION 27AAAA UNDEDUCTED PURCHASE PRICE
-
INTERPRETATION
27AAAA(1)
Annuities and superannuation pensions to which this section applies.
For the purposes of sub-subparagraph (a)(ii)(C) of the definition of
undeducted purchase price
in subsection
27A(1)
, this section applies to an annuity or superannuation pension if:
(a)
the annuity or superannuation pension has one or more underlying commutation ETPs (see subsection (3)); and
(b)
for each of the underlying commutation ETPs that is an original underlying commutation ETP (see subsection (5)), the commencement day (see subsection (6)) was before 1 July 1994.
27AAAA(2)
Meaning of
commutation ETP.
An ETP is a
commutation ETP
if it is covered by any of paragraphs (d), (daa), (e), (ea), (f), (g), (gaa), (h), (ha) or (j) of the definition of
eligible termination payment
in subsection
27A(1)
.
History
S 27AAAA(2) amended by No 66 of 2003.
27AAAA(3)
Meaning of
underlying commutation ETP.
A commutation ETP is an
underlying commutation ETP
of an annuity or superannuation pension (the
current annuity or pension
) if:
(a)
the purchase price of the current annuity or pension consists only of one or more rolled-over amounts, where at least one rolled-over amount is the whole or part of the commutation ETP and any other rolled-over amount is the whole or part of another commutation ETP; or
(b)
the following apply:
(i)
the purchase price of another annuity or pension consists only of one or more rolled-over amounts, where at least one rolled-over amount is the whole or part of the commutation ETP and any other rolled-over amount is the whole or part of another commutation ETP;
(ii)
that other annuity or pension gave rise (see subsection (4)) to another commutation ETP that, by one or more other applications of this subsection, is an underlying commutation ETP of the current annuity or pension.
27AAAA(4)
When an annuity or superannuation pension
gives rise
to a commutation ETP.
An annuity or superannuation pension
gives rise
to a commutation ETP if:
(a)
the commutation ETP results from the commutation of the whole or part of the annuity or superannuation pension; or
(b)
the commutation ETP is a payment of, or represents, the residual capital value of the annuity or superannuation pension.
History
S 27AAAA(4) amended by No 66 of 2003.
27AAAA(5)
Meaning of
original underlying commutation ETP.
An underlying commutation ETP is an
original underlying commutation ETP
if the annuity or superannuation pension that gave rise to it has no underlying commutation ETP.
27AAAA(6)
Meaning of
commencement day.
The
commencement day
of an annuity or superannuation pension is the first day of the period to which the first payment of the annuity or superannuation pension relates.
S 27AAAA inserted by No 169 of 1995.
View history note
Hide history note