Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)
Schedule 7 Superannuation and family law
Income Tax Assessment Act 1936
14 After subsection 27ACB(1)
Insert:
(1A) If, in respect of an eligible annuity (the original interest ) that a person (the first person ) has, either of the following apply at a particular time (the relevant time ):
(a) an annuity (within the meaning of subsection 27A(1) of this Act) is created for the non-member spouse in circumstances prescribed by the regulations;
(b) an amount is transferred to a superannuation fund, in circumstances prescribed by the regulations, for the benefit of the non-member spouse;
then:
(c) there is taken to be an ETP made in relation to the non-member spouse of an amount (the new ETP amount ) equal to the value of the annuity created for the non-member spouse or to the amount transferred (as the case may be); and
(d) there is taken to be an ETP made in relation to the first person of an amount (the remaining ETP amount ) equal to the value of the original interest immediately before the relevant time less the new ETP amount; and
(e) there is taken to be a roll-over of those ETPs.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).