Income Tax Assessment Act 1997
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Hide history noteSECTION 54-60 Requirements for payments of the lump sum 54-60(1)
The instrument under which the *personal injury lump sum is paid must specify the date and amount of the payment of the lump sum.
54-60(2)
The instrument may only allow the amount of the payment to be varied by increasing the amount:
(a) in order to maintain its real value:
(i) by indexation by reference to increases in the *All Groups Consumer Price Index number; or
(ii) by indexation by reference to increases in the full-time adult average weekly ordinary time earnings, published by the Australian Statistician; or
(b) by a percentage specified in the instrument.
54-60(3)
The instrument may only allow the amount of the payment to be varied:
(a) by only one of the methods referred to in subsection (2); or
(b) by whichever of 2 or more of those methods would result in the biggest or smallest increase.
54-60(4)
A reference in this section to specifying a date or percentage requires an actual date or figure to be specified, not merely a method of determining a date or figure.
Example:
Under subsection (1), " 13 September 2002 " would be allowed, but " The date on which the annuitant finishes university " would not be allowed.
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