Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 4   Amendments relating to rebates for certain superannuation pensions and qualifying annuities

21   Accrual period for a superannuation pension

Section 159SL of the Principal Act is amended:

(a) by re-locating and re-numbering the section so that:

(i) it becomes section 275C; and

(ii) it is located after section 275B;

(b) by omitting from subsection (2) "The accrual period" and substituting "For the purposes of section 275B, the accrual period";

(c) by omitting from subsection (1) "The accrual period" and substituting "For the purposes of this section, the accrual period";

(d) by re-ordering and re-numbering subsections (1) and (2) so that:

(i) subsection (1) becomes subsection (2); and

(ii) subsection (2) becomes subsection (1);

(e) by adding at the end the following subsections:

"(5) For the purposes of this section, the notional purchase price of a superannuation pension is attributable to an ETP to the extent to which that notional purchase price may reasonably be regarded as consisting of any part of the ETP that has been rolled-over within the meaning of Subdivision AA of Division 2 of Part III.

"(6) In this section:

'eligible service period' has the same meaning as in Subdivision AA of Division 2 of Part III;

'first payment date' has the same meaning as in section 275B;

'notional purchase price' has the same meaning as in section 275B;

'section 27A ETP definition' means the definition of 'eligible termination payment' in section 27A.".