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

68   At the end of section 27H

Add:

(5) In the definition of purchase price in subsection (4):

(a) a reference to contributions made by any person to a foreign superannuation fund to obtain a pension does not include a reference to contributions made to a foreign superannuation fund by an employer, or by another person under an agreement to which the employer is a party, for the purpose of providing superannuation benefits for, or for dependants of, an employee of the employer; and

(b) a reference to payments made to purchase, or solely to purchase, an annuity (other than a pension) does not include a reference to payments made by an employer, or by another person under an agreement to which the employer is a party, to purchase, or solely to purchase, the annuity for, or for dependants of, an employee of the employer.

(6) For the purposes of subsection (5), in determining whether a person is an employer of another person, treat the holding of an office by the other person as employment of that person.