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

22   Entitlement to rebate-superannuation pension

Section 159SM of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:

"(1) Subject to subsection (2), for each rebatable 27H amount included in a taxpayer's assessable income of a year of income in respect of a rebatable superannuation pension, the taxpayer is entitled to a rebate of tax in the taxpayer's assessment for the year of income of an amount worked out using the formula:

Reduced 27H amount * Rebatable proportion of pension * 15%

where:

'Reduced 27H amount' is the rebatable 27H amount, reduced by the total of the amounts specified in notices under section 159SS given in relation to payments of the pension during the year of income (other than payments made before the taxpayer's 55th birthday).".