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

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Income Tax Assessment Act 1936

65   Subsection 27H(4)

Insert:

purchase price means:

(a) in relation to a pension - the sum of:

(i) contributions made by any person to a foreign superannuation fund to obtain the pension; and

(ii) so much as the Commissioner considers reasonable of contributions made by any person to a foreign superannuation fund to obtain superannuation benefits including the pension; and

(b) in relation to an annuity other than a pension - the sum of:

(i) payments made solely to purchase the annuity; and

(ii) so much as the Commissioner considers reasonable of payments made to purchase the annuity and to obtain other benefits.