Subdiv AA (heading) substituted by No 15 of 2007, s 3 and Sch 1 item 59, applicable to the 2007-2008 income year and later years. The heading formerly read:

Subdivision AA - Superannuation, termination of employment and kindred payments

Subdiv AA inserted by No 47 of 1984.

S 27AB repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27AB formerly read:

SECTION 27AB TAXED AND UNTAXED ELEMENTS OF POST-JUNE 83 COMPONENT  
27AB(1)
Subject to this section, the extent to which the post-June 83 component of an ETP consists of taxed and untaxed elements is determined as follows:

(a) the extent to which it consists of a taxed element is determined in accordance with the table below;

(b) to the extent to which it does not consist of a taxed element, it consists of an untaxed element.

TABLE OF TAXED ELEMENTS

TABLE OF TAXED ELEMENTS

Item	ETP type	Taxed element
1	(a), (aa), (fa), (fb), (fc), (fd), (fe), (ff) or (jaa)	none
2	(b) or (bb), if paid from taxed superannuation fund during the life of the taxpayer	whole
3	(b), if paid from taxed superannuation fund after the death of the taxpayer	amount calculated under subsection (3)
4	(ba), if paid from taxed superannuation fund	amount calculated under subsection (3)
5	(c), (ca), (g), (gaa), (h), (ha) or (j)	whole
6	(d), (e) or (f), if pension concerned payable from taxed superannuation fund and entitlement to pension arose because of the death of a member of the fund	amount calculated under subsection (3)
7	(d), (daa), (e), (ea) or (f) if pension concerned paid from taxed superannuation fund and ETP not covered by item 6	whole
8	(da), (db), (ga) or (gb), if paid from taxed superannuation fund	amount calculated under subsection (3)
9	ETP not covered by items 1 to 8, where no part is attributable to taxed element of earlier ETP	none
10	ETP not covered by items 1 to 8, but to some extent attributable to taxed element of earlier ETP	so much of that component as is attributable to the taxed element of the post-June 83 component of the earlier ETP

 View history note

 Hide history note

History

S 27AB(1) amended by No 148 of 2005, No 66 of 2003, No 147 of 1997 and No 53 of 1995.

27AB(2)
For the purposes of the table above:

(a) paragraph references indicate an ETP that is covered by the paragraph concerned of the definition of eligible termination payment in subsection 27A(1) ; and

(b) an ETP is attributable to a taxed element if, and only if, the ETP is (in whole or in part) attributable to the taxed element of the post-June 1983 component of an earlier ETP.

27AB(3)
The taxed element of the post-June 83 component of an ETP covered by item 3, 4, 6 or 8 in the table in subsection (1) is determined as follows:

(a) if both of the following subparagraphs apply in relation to the post-June 83 component:

(i) no deduction is or was allowable under section 279 to the trustee of the taxed superannuation fund concerned in any year of income in relation to a current or contingent liability to provide death or disability benefits (within the meaning of Part IX) for the deceased person concerned;

(ii) no deduction is or was allowable under section 279B to the trustee of the taxed superannuation fund concerned in any year of income in relation to a death or disability ETP (within the meaning of that section) paid in relation to the deceased person concerned;

the taxed element is the whole of the component;

(b) if paragraph (a) does not apply - the amount that would have been the amount of the post-June 83 component if the ETP had been equal to the amount worked out using the formula:

ETP

×

Days in eligible service period Days in total service period

where:

ETP is the amount of the ETP reduced by the amount of the excessive component (if any);

Days in eligible service period means the number of whole days in the eligible service period in relation to the ETP;

Days in total service period means the sum of

(i) the number of whole days in the eligible service period in relation to the ETP; and

(ii) the number of whole days in the period commencing on the date of the death of the member of the fund and ending on the last retirement date.

 View history note

 Hide history note

History

S 27AB(3) amended by No 208 of 1992 and No 61 of 1990.

27AB(4)
In spite of anything in subsection (1), where:

(a) an ETP is paid from a taxed superannuation fund;

(b) apart from this subsection, the post-June 83 component of the ETP consists wholly or partly of a taxed element (which taxed element is in this subsection called the " otherwise taxed element " ); and

(c) the trustee of the fund gives to the person to whom the ETP is paid, within the time and in the manner approved by the Commissioner in writing, a written notice nominating the whole or a specified part of the otherwise taxed element as an untaxed element of the post-June 83 component of the ETP;

so much of the otherwise taxed element of the post-June 83 component of the ETP as is covered by the notice shall be treated as, or as an additional part of, the untaxed element of the post-June 83 component of the ETP.

27AB(5)
The trustee of the fund is not allowed to give more than one notice under subsection (4) in relation to a particular ETP.

27AB(6)
Where, because of subsection 27A(17) :

(a) a particular part of an ETP is taken to have been paid from a taxed superannuation fund; and

(b) the remaining part of the ETP is not taken to have been paid from a taxed superannuation fund;

the following provisions have effect:

(c) the taxed element of the post-June 83 component of the ETP is the amount obtained by:

(i) treating each of the parts referred to in paragraph (a) and (b) of this subsection as separate ETPs;

(ii) calculating the taxed element of the post-June 83 component of each of those separate ETPs in accordance with the preceding provisions of this section; and

(iii) adding together those taxed elements;

(d) to the extent to which the post-June 83 component of the ETP does not consist of a taxed element, it consists of an untaxed element.

27AB(7)
Where:

(a) subsection (6) applies to an ETP; and

(b) the ETP has an excessive component;

each of the parts of the ETP referred to in paragraphs (6)(a) and (b) are taken to include an excessive component of an amount calculated in accordance with the formula:

EC

×

PART ETP ETP

where:

EC is the excessive component of the ETP;

PART ETP is the part of the ETP referred to in paragraph (6)(a) or (b), as the case requires;

ETP is the amount of the ETP.

 View history note

 Hide history note

History

S 27AB(7) inserted by No 61 of 1990.

S 27AA - 27CA substituted by No 105 of 1989.