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

31   Taxed and untaxed elements of post-June 83 component

Section 27AB of the Principal Act is amended by omitting paragraph (3)(b) and substituting the following paragraph:

"(b) if paragraph (a) does not apply-the amount that would have been the amount of the post-June 83 component if the ETP had been equal to the amount worked out using the formula:

ETP * (Days in eligible service period / Days in total service period)

where:

'ETP' is the amount of the ETP reduced by the amount of the excessive component (if any);

'Days in eligible service period' means the number of whole days in the eligible service period in relation to the ETP;

'Days in total service period' means the sum of:

(i) the number of whole days in the eligible service period in relation to the ETP; and

(ii) the number of whole days in the period commencing on the date of the death of the member of the fund and ending on the last retirement date.".