Income Tax Assessment Act 1936
View history note
Hide history noteDiv 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
Div 14 inserted by No 208 of 1992.
Former Div 14 (s 137-140) repealed by No 126 of 1977.
Subdiv B repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 140C repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140C formerly read:
ADF
annuity
Definition of
"
annuity
"
amended by No 82 of 1993.
SECTION 140C INTERPRETATION
140C
In this Division, unless the contrary intention appears:
means an approved deposit fund within the meaning of section
27A
.
means an annuity (within the meaning of section
10
of the
Superannuation Industry (Supervision) Act 1993
) purchased wholly or partly with rolled-over amounts.
associate
has the same meaning as in section
318
.
benefit
, in relation to a person, means:
(a) a superannuation pension payable to the person; or
(b) an annuity payable to the person; or
(c) an ETP made in relation to the person. capital value
has the meaning given by sections 140ZO and 140ZP .
CGT exempt component
has the same meaning as in section
27A
.
Definition of " CGT exempt component " inserted by No 147 of 1997.
commencement day
, in relation to a superannuation pension or an annuity, means the first day of the period to which the first payment of the pension or annuity relates.
continuously non-complying ADF
has the same meaning as in section
27A
.
data processing device
means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device.
deferred annuity
means an annuity that is not presently payable.
disability superannuation pension
means a superannuation pension payable to a person because of the disability of the person, where 2 legally qualified medical practitioners have certified that the disability is likely to result in the person being unable ever to be employed in a capacity for which the person is reasonably qualified because of education, experience or training.
eligible service period
, in relation to an ETP, has the same meaning as in section
27A
.
eligible service period
, in relation to a superannuation pension payable to a person by the trustees of a superannuation fund, means:
(a) except where paragraph (b) (which deals with roll-overs) applies - the period:
(i) beginning on whichever is the earlier of:
(A) the day on which the person joined the fund; or
(B) the first day of the period of employment to which the pension relates (including any qualifying period before the person was able to join the fund and any period during which the person was not a member of the fund); and
(ii) ending at the end of the commencement day of the pension; or
(b) if:
(i) the whole or a part of the capital value of the pension is attributable to an ETP the whole or a part of which had been rolled-over into the fund; and
the period:
(ii) the eligible service period of the ETP begins on an earlier day than the beginning of the period that would be the eligible service period of the pension under paragraph (a);
(iii) beginning on that earlier day; and
(iv) ending at the end of the commencement day of the pension.
employment
includes the holding of any office, and
employee
and
employer
have corresponding meanings.
ETP
means an eligible termination payment within the meaning of section
27A
, but does not include an ISC-directed commutation payment within the meaning of that section as in force immediately before the commencement of this section.
excessive amount
, in relation to a superannuation pension or an annuity, means so much of the RBL amount of the pension or annuity as the Commissioner has determined under subsection
140R(1)
exceeds the recipient
'
s RBLs.
excessive component
, in relation to an ETP, means so much of the ETP as the Commissioner has determined under subsection
140R(1)
exceeds the recipient
'
s RBLs.
final determination
means a determination under subsection
140R(1)
.
immediate annuity
means an annuity that is presently payable.
index number
, in relation to a quarter, means the amount of the full-time adult average weekly ordinary time earnings first published by the Australian Statistician for the middle month of that quarter.
interim determination
means an interim determination under section
140T
.
life assurance company
(Repealed by No 101 of 2004)
lump sum RBL
has the meaning given by sections
140ZD
and
140ZE
.
non-member spouse
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
Definition of " non-member spouse " inserted by No 114 of 2001.
non-qualifying component
has the same meaning as in section
27A
.
payer
means a person or other entity (other than a continuously non-complying ADF) that makes, or is liable to make, a payment of a benefit, and includes:
(a) if the benefit is an ETP covered by former subsection 160ZZPZE(4) of this Act - the taxpayer mentioned in that former subsection; and
(b) if the benefit is an ETP covered by subsection 152-310(2) of the Income Tax Assessment Act 1997 - the individual mentioned in that subsection.
Definition of " payer " amended by No 165 of 1999, substituted by No 94 of 1999 and amended by No 147 of 1997.
payment split
means a payment split under Part VIIIB of the
Family Law Act 1975
.
Definition of " payment split " inserted by No 114 of 2001.
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 and amended by No 82 of 1993.
pension and annuity standards
has the meaning given by section
140L
.
pension RBL
has the meaning given by sections
140ZD
and
140ZE
.
pension valuation factor
means the factor ascertained in accordance with the regulations.
qualifying portion
has the meaning given by section
140ZG
.
quarter
means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
RBL amount
, in relation to a benefit, has the meaning given by whichever provision of Subdivision H is applicable.
rebatable ETP annuity
has the same meaning as in section
159SJ
.
rebatable proportion
has the same meaning given by section
140ZQ
.
rebatable superannuation pension
has the same meaning as in section
159SJ
.
recipient
:
(a) in relation to an ETP - means the person in relation to whom the ETP is made; or
(b) in relation to a superannuation pension or an annuity - means the person to whom the pension or annuity is payable.
"registered organisation"
(Repealed by No 101 of 2004)
residual capital value
has the same meaning as in section
27A
.
rolled-over
has the same meaning as in section
27A
.
rolled-over amount
has the same meaning as in section
27A
.
splittable payment
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
Definition of " splittable payment " inserted by No 114 of 2001.
superannuation fund
has the same meaning as in section
27A
.
superannuation pension
means a pension payable from a superannuation fund.
tax file number
has the same meaning as in Part
VA
.
trustee
includes a person who is a trustee for the purposes of Part
IX
.
undeducted purchase price
has the same meaning as in section
27A
.
S 140C amended by No 101 of 2006 , s 3 and Sch 2 items 352 to 353, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .
S 140C inserted by No 208 of 1992.