Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Schedule 9   Veterans' Entitlements Act 1986

Part 2   Amendment commencing 1 July 2007

16   Subsection 5J(1) (definition of deductible amount )

Repeal the definition, substitute:

deductible amount , in relation to a defined benefit income stream for a year, means the sum of the amounts that are the tax free components (worked out under Subdivision 307-C of the Income Tax Assessment Act 1997 or, if applicable, section 307-125 of the Income Tax (Transitional Provisions) Act 1997) of the payments received from the defined benefit income stream during the year.