Taxation Laws Amendment (Superannuation) Act 1993 (7 of 1993)

PART 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Amendments relating to RBL rules for death benefits

21  

After section 140C of the Principal Act the following section is inserted:

"140CA. Deceased person's RBL to be used to calculate excessive component for death benefit ETPs

(1) This section applies in cases where (apart from this section) the recipient for a death benefit ETP ('the current ETP') is not the relevant deceased person for the ETP.

"(2) The current ETP is to be treated as being an ETP in relation to the relevant deceased person (and not in relation to the person who would be the recipient apart from this section) for the purpose of working out:

(a) the extent to which the current ETP has an excessive component; and

(b) the extent to which any other ETP in relation to the relevant deceased person, or any other person, has an excessive component.

"(3) In this section:

'death benefit ETP' means an ETP that is a death benefit within the meaning of section 27AAA;

'relevant deceased person' means:

(a) for a death benefit covered by Item 1 in Table 1 in section 27AAA-the taxpayer referred to in the applicable paragraph of the definition of 'eligible termination payment' in subsection 27A(1); or

(b) for a death benefit covered by Item 2 or 3 in Table 1 in section 27AAA-the deceased person referred to in the applicable paragraph of the definition of 'eligible termination payment' in subsection 27A(1); or

(c) for a death benefit covered by Item 4 in Table 1 in section 27AAA-the deceased person referred to in paragraph 27AAA(6)(a) or (b).".