Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Fringe Benefits Tax Assessment Act 1986

20   Subsection 136(1) (paragraphs (k), (ka) and (kb) of the definition of fringe benefit )

Repeal the paragraphs, substitute:

(k) a superannuation benefit (within the meaning of the Income Tax Assessment Act 1997); or

(l) a payment covered by section 26AF or 26AFA of the Income Tax Assessment Act 1936; or

(la) an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997); or

(lb) a genuine redundancy payment (within the meaning of the Income Tax Assessment Act 1997); or

(lc) an employment termination payment (within the meaning of the Income Tax Assessment Act 1997); or

(ld) a payment that would be an employment termination payment (within the meaning of the Income Tax Assessment Act 1997) apart from paragraph 82-130(1)(b) of that Act; or

(le) any of the following payments, if they would be employment termination payments (within the meaning of the Income Tax Assessment Act 1997) apart from paragraph 82-130(1)(b) and section 82-135 of that Act:

(i) an unused annual leave payment (within the meaning of that Act);

(ii) an unused long service leave payment (within the meaning of that Act);

(iii) a payment covered by Subdivision 83-D (Foreign termination payments) of that Act;

(iv) a payment covered by paragraph 82-135(g) of that Act;

(v) a payment of an annuity, or a supplement, covered by section 27H of the Income Tax Assessment Act 1936; or