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Hide history noteDiv 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.
Subdiv D repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 140R repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140R formerly read:
Subject to this section, if the Commissioner receives a notice under subsection
140M(1)
in relation to:
the Commissioner must determine: S 140R(1) amended by No 138 of 1994.
SECTION 140R DETERMINATION OF WHETHER A BENEFIT IS IN EXCESS OF RECIPIENT
'
S RBLs
140R(1)
Commissioner to make final determination.
(a)
an ETP made in relation to a person; or
(b)
the commencement of payment to a person of a superannuation pension or an annuity;
(c)
whether the ETP, pension or annuity is in excess of the person
'
s RBLs; and
(d)
if the ETP, pension or annuity is in excess of the person
'
s RBLs:
(i)
the extent to which it is in excess of the person
'
s RBLs; and
(ii)
in the case of a rebatable superannuation pension or a rebatable ETP annuity
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the rebatable proportion of the pension or annuity.
140R(1A) Application of subsection (1) in respect of commutation ETPs.
If the ETP:
(a) was made in relation to the person as a result of the commutation or partial commutation of, or the residual capital value of, a superannuation pension or annuity; or
(b) arose from the commutation or partial commutation of a superannuation pension or annuity to which paragraph 140ZC(2)(d) applies;
the determination that the Commissioner must make is that the ETP is in excess of the person ' s RBLs to the extent worked out using the formula:
S 140R(1A) inserted by No 138 of 1994.
140R(1B) Application of subsection (1) in respect of commutation pensions and annuities.
If the superannuation pension or annuity mentioned in subsection (1) is a residual pension or residual annuity payable on the commutation or partial commutation of another superannuation pension or annuity, the determination that the Commissioner must make is:
(a) that the superannuation pension or annuity is in excess of the person ' s RBLs; and
(b) that the rebatable proportion of the superannuation pension or annuity is the same as the rebatable proportion of the other superannuation pension or annuity.
S 140R(1B) inserted by No 138 of 1994.
140R(2) Final determination.
A determination made under subsection (1) is called a final determination .
140R(3) Final determination to be made within 60 days.
The Commissioner must make a final determination within 60 days after receiving the notice.
140R(4) No final determination if tax file number not provided.
The Commissioner must not make a final determination if the payer failed to provide the recipient ' s tax file number to the Commissioner under subsection 140M(1) and the Commissioner has not otherwise found out the recipient ' s tax file number.
S 140R(4) amended by No 76 of 1996.
140R(5) [ Commutation of pension under payment split ]
This section is subject to section 140UA .
S 140R(5) inserted by No 114 of 2001.
S 140R inserted by No 208 of 1992.
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