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

26   Application of pre-1 July 88 funding credits

Section 275B of the Principal Act is amended:

(a) by omitting from subsection (3) the definition of the component "Notional purchase price" and substituting the following definition:
        

"Notional purchase price is the notional purchase price of the pension;";

(b) by omitting from subsection (7) the definitions of "accrual period" and "first payment date" and substituting the following definitions:
        

"'accrual period' has the meaning given by section 275C;

'first payment date', in relation to a pension, means the first day of the period to which the first payment of the pension relates;

'notional purchase price', in relation to a pension, means the net present value of the pension on the date on which the pension first commenced to be payable;".