Income Tax Assessment Act 1936
View history note
Hide history notePart IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.
Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.
Div 1 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 267 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years. S 267 formerly read:
In this Part, unless the contrary intention appears:
"actuary"
Definition of
"
actuary
"
substituted by No 35 of 1990.
SECTION 267 INTERPRETATION
267(1)
[Definitions]
means a Fellow or Accredited Member of the Institute of Actuaries of Australia;
"actuary
'
s certificate"
means a certificate by an actuary in the form approved in writing by the Commissioner for the purposes of the provision in which the expression appears;
Definition of " actuary ' s certificate " inserted by No 58 of 1990.
"annuity"
has the same meaning as in section
10
of the SIS Act;
Definition of " annuity " amended by No 82 of 1993 and inserted by No 208 of 1992.
"approved form"
(Omitted by No 7 of 1993)
"approved manner"
(Omitted by No 7 of 1993)
"approved person"
(Omitted by No 7 of 1993)
"arm
'
s length premium"
, in relation to an insurance policy, means the amount that the insured could reasonably be expected to be required to pay to obtain the insurance policy under a transaction where the parties to the transaction are dealing with each other at arm
'
s length in relation to the transaction;
"certificate date"
, in relation to an actuary
'
s certificate, in relation to a fund, means the date of lodgment of the return of income of the fund of the year of income to which the certificate relates or such later date as the Commissioner allows;
Definition of " certificate date " inserted by No 58 of 1990.
"Commission
'
s superannuation principles"
(Omitted by No 181 of 1994)
Definition of " Commission ' s superannuation principles " omitted by No 181 of 1994 and inserted by No 208 of 1992.
"complying ADF"
has the meaning given to
"
complying approved deposit fund
"
by section
47
of the SIS Act;
Definition of " complying ADF " substituted by No 82 of 1993.
"complying superannuation fund"
has the meaning given by section
45
of the SIS Act;
Definition of " complying superannuation fund " substituted by No 82 of 1993.
"constitutionally protected fund"
means a fund that is declared by the regulations to be a constitutionally protected fund and is not established under Schedule 3 to the
Superannuation Act 1988
of South Australia;
Definition of " constitutionally protected fund " amended by No 56 of 2010, s 3 and Sch 6 item 108, by inserting " and is not established under Schedule 3 to the Superannuation Act 1988 of South Australia " at the end, effective 1 July 2006.
Definition of " constitutionally protected fund " substituted by No 82 of 1994.
"continuously complying ADF"
, in relation to a payment made by the trustee of a fund, means a fund that is a complying ADF in relation to each of the following years of income:
(a) the year of income in which the payment was made;
(b) the year of income in which the later of the following times occurred:
(i) 1 July 1988;
(ii) the time when the fund came into existence;
(c) each year of income later than the year of income mentioned in paragraph (b) and earlier than the year of income mentioned in paragraph (a);
"continuously complying superannuation fund"
, in relation to a payment made by the trustee of a fund, means a fund that is a complying superannuation fund in relation to each of the following years of income:
(a) the year of income in which the payment was made;
(b) the year of income in which the later of the following times occurred:
(i) 1 July 1988;
(ii) the time when the fund came into existence;
(c) each year of income later than the year of income mentioned in paragraph (b) and earlier than the year of income mentioned in paragraph (a);
"continuously non-complying superannuation fund"
, in relation to a year of income, means a non-complying superannuation fund:
(a) in the case of a fund that came into existence before 1 July 1988:
(i) if the fund came into existence before 1 July 1964 - the income of which was not exempt from tax in relation to any year of income commencing before that day; and
(ii) that was a fund to which section 121DA of this Act, as in force at a time before 1 July 1988, applied in relation to the year of income commencing on 1 July 1987 and to each preceding year of income during which the fund was in existence; and
(iii) that has been a non-complying superannuation fund in relation to the year of income commencing on 1 July 1988 and to each succeeding year of income; or
(b) in any other case - that has been a non-complying superannuation fund in relation to each year of income since it came into existence;
Definition of " continuously non-complying superannuation fund " inserted by No 61 of 1990.
"current pension liability"
, in relation to a complying superannuation fund at a particular time, means a liability, including a contingent liability, of the fund to make a payment in respect of a pension payable by the fund at the particular time;
"death or disability benefit"
, in relation to a member of a complying superannuation fund, means:
(a) a benefit provided in the event of the death of the member;
(b) a benefit provided to the member in the event of the permanent disability of the member; or
(c) a benefit provided to the member, by way of income, during a period (in this paragraph called the " disability period " ) when the member is unable to perform the normal duties of the member ' s employment, being a period not exceeding whichever of the following periods is the longest:
(i) 2 years;
(ii) if there is in force at the beginning of the disability period an approval given in relation to the fund for the purposes of section 62 of the SIS Act and that approval specifies a maximum period for the provision of such benefits - that period;
(iii) if subparagraph (ii) does not apply and the Commissioner approves in writing a period in relation to the fund - that period;
Definition of " death or disability benefit " amended by No 82 of 1993.
"dependant"
has the same meaning as in the SIS Act;
Definition of " dependant " substituted by No 82 of 1993.
"eligible ADF"
, in relation to a year of income, means a fund that is a complying ADF, or a non-complying ADF, in relation to the year of income;
"eligible entity"
, in relation to a year of income, means:
(a) a fund that is an eligible ADF in relation to the year of income;
(b) a fund that is an eligible superannuation fund in relation to the year of income; or
(c) a unit trust that is a PST in relation to the year of income;
eligible non-resident non-complying superannuation fund
has the same meaning as in Subdivision AA of Division
2
of Part
III
.
Definition of " eligible non-resident non-complying superannuation fund " inserted by No 83 of 2004.
"eligible superannuation contributions"
(Omitted by No 181 of 1994)
Definition of " eligible superannuation contributions " omitted by No 181 of 1994 and inserted by No 208 of 1992.
"eligible superannuation fund"
, in relation to a year of income, means a fund that is a complying superannuation fund, or a non-complying superannuation fund, in relation to the year of income;
"eligible termination payment"
has the same meaning as in Subdivision AA of Division
2
of Part
III
;
"endowment policy"
means an insurance policy where the following conditions are satisfied:
(a) the policy is not a whole of life policy;
(b) the policy includes an investment component;
(c) the premium is not dissected (whether by reference to the investment component or otherwise);
(d) the sum insured, together with bonuses (if any), is payable upon the occurrence of the earlier of the following events:
(i) the death of the life insured;
(ii) the date specified in, or ascertained in accordance with, the policy;
Definition of " endowment policy " inserted by No 58 of 1990.
"foreign approved deposit fund"
(Omitted by No 181 of 1994)
Definition of " foreign approved deposit fund " amended by No 82 of 1993.
"industrial tribunal"
(Omitted by No 181 of 1994)
Definition of " industrial tribunal " inserted by No 208 of 1992.
"last retirement date"
has the same meaning as in Subdivision AA of Division
2
of Part
III
;
"life assurance company"
(Repealed by No 89 of 2000)
"life assurance policy"
(Repealed by No 89 of 2000)
"non-complying ADF"
, in relation to a year of income, means a fund that, at all times during the year of income when the fund is in existence, is an approved deposit fund within the meaning of the SIS Act, but does not include a fund that is a complying ADF in relation to the year of income;
Definition of " non-complying ADF " amended by No 82 of 1993.
"non-complying superannuation fund"
, in relation to a year of income, means a fund that, at all times during the year of income when the fund is in existence, is a provident, benefit, superannuation or retirement fund, but does not include a fund that is a complying superannuation fund in relation to the year of income;
Definition of " non-complying superannuation fund " substituted by No 82 of 1993.
"non-current pension liability"
, in relation to a complying superannuation fund at a particular time, means any superannuation liability of the fund at that time, other than a current pension liability;
"non-reversionary bonus"
, in relation to a policy of life assurance, means an amount received as or by way of bonus (other than a reversionary bonus) on the policy;
"normal assessable income"
means assessable income other than:
(a) special income; or
(b) taxable contributions;
"OSS Act"
(Omitted by No 82 of 1993)
"OSS notice"
(Omitted by No 82 of 1993)
pension
means:
(a) a pension, within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997 .
Definition of " pension " substituted by No 62 of 1997, amended by No 82 of 1993 and inserted by No 208 of 1992.
"pooled superannuation trust"
has the meaning given by section
48
of the SIS Act;
Definition of " pooled superannuation trust " substituted by No 82 of 1993.
"post-June 83 component"
has the same meaning as in Subdivision AA of Division
2
of Part
III
;
"pre-July 83 component"
has the same meaning as in Subdivision AA of Division
2
of Part
III
;
"PST"
means a pooled superannuation trust;
Definition of " PST " substituted by No 82 of 1993.
"registered organization"
(Repealed by No 101 of 2004)
RSA component
has the meaning given by section
299D
.
Definition of " RSA component " inserted by No 62 of 1997.
"segregated current pension assets"
has the meaning given by section
273A
;
"segregated non-current pension assets"
has the meaning given by section
273B
;
"SIS Act"
means the
Superannuation Industry (Supervision) Act 1993
;
Definition of " SIS Act " inserted by No 82 of 1993.
"special component"
:
(a) in relation to a complying ADF - has the meaning given by section 292 ;
(b) in relation to a complying superannuation fund - has the meaning given by section 284 ; or
(c) in relation to a PST - has the meaning given by section 298 ;
"special income"
has the meaning given by section
273
;
"specified roll-over amount"
, in relation to an eligible entity or RSA provider, means so much of an amount paid to the eligible entity or RSA provider as constitutes a roll-over of some or all of the untaxed element of the post-June 83 component (within the meaning of Subdivision AA of Division
2
of Part
III
) of an eligible termination payment;
Definition of " specified roll-over amount " amended by No 62 of 1997.
"standard component"
:
(a) in relation to a complying ADF - has the meaning given by section 293 ;
(b) in relation to a complying superannuation fund - has the meaning given by section 285 ; or
(c) in relation to a PST - has the meaning given by section 299 ; or
(d) in relation to an RSA - has the meaning given by section 299D .
Definition of " standard component " amended by No 62 of 1997.
"superannuation agreement"
(Omitted by No 181 of 1994)
Definition of " superannuation agreement " inserted by No 208 of 1992.
"superannuation agreement contribution"
(Omitted by No 181 of 1994)
Definition of " superannuation agreement contribution " substituted by No 208 of 1992.
"superannuation liability"
, in relation to a complying superannuation fund at a particular time, means a liability, including a contingent liability, of the fund to make a payment in respect of a pension or other superannuation benefit that is, or may or will become, payable by the fund at or after the particular time, being a pension or benefit in respect of which contributions have, before the particular time, been made or liable to be made;
"superannuation policy"
(Repealed by No 101 of 2004)
"taxable contribution"
has the meaning given by section
274
;
"tax-exempt entity"
(Omitted by No 181 of 1994)
"termination of employment"
has the same meaning as in Subdivision AA of Division
2
of Part
III
;
"unit trust"
has the same meaning as in Division
6C
of Part
III
;
"whole of life policy"
means an insurance policy where the following conditions are satisfied:
(a) the policy includes an investment component;
(b) the premium is not dissected (whether by reference to the investment component or otherwise);
(c) the sum insured, together with bonuses (if any), is payable upon:
(i) the death of the life insured; or
(ii) the occurrence of the earlier of the following events:
(A) the death of the life insured;
(B) the life insured attaining the age specified in the policy, being the age of 85 years or more.
Definition of " whole of life policy " inserted by No 58 of 1990.
267(2)
(Omitted by No 105 of 1989)
267(3) [Reference to fund or unit trust]
A reference in this Part to a fund or unit trust shall, where appropriate, be read as a reference to the trustee of the fund or unit trust.
267(4) [Reference to sec 342 of SIS Act]
A reference in this Part to, or to a provision of, section 342 of the SIS Act includes a reference to, or to the corresponding provision of, the repealed section 15D of the Occupational Superannuation Standards Act 1987 (including that section as it continues to apply because of the Occupational Superannuation Standards Amendment Act 1993 ).
S 267(4) inserted by No 82 of 1993.
S 267 inserted by No 97 of 1989 and amended by No 105 of 1989.
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