Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

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Division 57 - Tax exempt entities that become taxable  

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History

Div 57 inserted by No 78 of 1996.

Subdivision 57-G - Denial of certain deductions  

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History

Subdiv 57-G inserted by No 78 of 1996.

SECTION 57-70   TREATMENT OF SUPERANNUATION LUMP SUMS AND EMPLOYMENT TERMINATION PAYMENTS  

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57-70(1)    

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This section applies to a deduction otherwise allowable to the transition taxpayer for a year of income under section 8-1 (about general deductions) or 25-50 (about pensions, gratuities or retiring allowances) of the Income Tax Assessment Act 1997 for a superannuation lump sum or an employment termination payment for a person who was an employee of the transition taxpayer at any time before the transition time (regardless of whether the person was an employee at or after the transition time).

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S 57-70(1) amended by No 15 of 2007, s 3 and Sch 1 item 144, by substituting " a superannuation lump sum or an employment termination payment " for " an eligible termination payment " , applicable to the 2007-2008 income year and later years.

S 57-70(1) amended by No 16 of 1998.

57-70(2)    
So much (if any) of the deduction as relates to a period of service of the employee before the transition time is not allowable.

57-70(3)    

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This section does not apply to an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997 ), or a genuine redundancy payment (within the meaning of that Act).

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S 57-70(3) substituted by No 15 of 2007, s 3 and Sch 1 item 145, applicable to the 2007-2008 income year and later years. S 57-70(3) formerly read:

57-70(3)
This section does not apply to an approved early retirement scheme payment or a bona fide redundancy payment.

57-70(4)    
(Repealed by No 15 of 2007)

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S 57-70(4) repealed by No 15 of 2007, s 3 and Sch 1 item 146, applicable to the 2007-2008 income year and later years. S 57-70(4) formerly read:

57-70(4)
Expressions in this section that are also in subsection 27A(1) have the same meanings as in that subsection.

S 57-70 inserted by No 78 of 1996.

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