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

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 6   Amendments relating to the unused undeducted purchase price of certain annuities and superannuation pensions

30   Interpretation

Section 27A of the Principal Act is amended:

(a) by omitting from paragraph (d) of the definition of "eligible termination payment" in subsection (1) ", reduced (except in the case of an ISC-directed commutation payment) by the unused undeducted purchase price in relation to the superannuation pension";
        

(b) by omitting from paragraph (da) of that definition all the words after "being made to the trustee;";
        

(c) by omitting from paragraph (db) of that definition all the words after "being made to the taxpayer;";
        

(d) by omitting from paragraph (e) of that definition ", reduced by the unused undeducted purchase price in relation to the superannuation pension";
        

(e) by omitting from subparagraph (f)(ii) of that definition "payable," and substituting "payable;";
        

(f) by omitting from paragraph (f) of that definition "reduced by the unused undeducted purchase price in relation to the pension;";
        

(g) by omitting from paragraph (g) of that definition ", reduced (except in the case of an ISC-directed commutation payment) by the unused undeducted purchase price in relation to the annuity";
        

(h) by omitting from paragraph (ga) of that definition all the words after "being made to the trustee";
        

(i) by omitting from paragraph (gb) of that definition all the words after "being made to the taxpayer";
        

(j) by omitting from paragraph (h) of that definition ", reduced by the unused undeducted purchase price in relation to the qualifying annuity";
        

(k) by omitting from subparagraph (j)(ii) of that definition "payable," and substituting "payable;";
        

(l) by omitting from paragraph (j) of that definition "reduced by the unused undeducted purchase price in relation to the annuity,";
        

(m) by omitting from subsection (1) the definition of "undeducted contributions" and substituting the following definition:
        

"'undeducted contributions', in relation to an ETP made in relation to a taxpayer, means:

(a) if the ETP is covered by paragraph (d), (e) or (f) of the definition of 'eligible termination payment'-the unused undeducted purchase price in relation to the superannuation pension concerned; or

(b) if the ETP is covered by paragraph (da) or (db) of the definition of 'eligible termination payment'-the amount that would have been the unused undeducted purchase price in relation to the superannuation pension concerned; or

(c) if the ETP is covered by paragraph (g), (h) or (j) of the definition of 'eligible termination payment'-the unused undeducted purchase price in relation to the annuity concerned; or

(d) if the ETP is covered by paragraph (ga) or (gb) of the definition of 'eligible termination payment'-the amount that would have been the unused undeducted purchase price in relation to the annuity concerned (having regard only to contributions made to the fund concerned); or

(e) if:

(i) the ETP is covered by any other paragraph of the definition of 'eligible termination payment'; or

(ii) paragraph (a), (b), (c) or (d) of this definition applies, but the amount worked out under that paragraph is nil;

so much of the ETP as is attributable to contributions made by the taxpayer, or by another person, after 30 June 1983 to a superannuation fund, where:

(iii) the contributions were made in order to obtain superannuation benefits; and

(iv) no deductions are allowable or have been allowed to the taxpayer or to the other person in respect of the contributions;";

(n) by inserting in subsection (7) "paragraph (e) of " after "the purposes of ".