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

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Social Security Act 1991

301   Point 1066A-G3

Repeal the point, substitute:

Directed termination payments excluded

1066A-G3 If:

(a) a person's employment has been terminated; and

(b) as a result the person is entitled to a lump sum payment from the person's former employer; and

(c) the payment, or part of the payment, is a directed termination payment within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997;

the payment, or that part, is to be disregarded in working out the ordinary income of the person for the purposes of Module F.