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

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 10   Amendments relating to the components of ETPs known as bona fide redundancy payments, approved early retirement scheme payments and invalidity payments

54   Roll-over of ETPs

Section 27D of the Principal Act is amended:

(a) by inserting after sub-subparagraph (1)(b)(iii)(D) the following sub-subparagraph:
        

"(E) the post-June 1994 invalidity component;";

(b) by inserting after paragraph (5)(a) the following paragraph:
        

"(aa) the notional post-June 1994 invalidity component, which is the amount (including a nil amount) specified in the taxpayer's election under subsection (1) as the extent to which the taxpayer wishes the applied amount to be regarded as consisting of the eligible component covered by sub-subparagraph (1)(b)(iii)(E);";

(c) by omitting from paragraph (5)(c) the following component (wherever occurring):
        

"Applied amount – Notional concessional component"

and substituting the following component:

"Applied amount – Notional concessional component" – Notional post-June 1994 invalidity component".