Income Tax Assessment Act 1936

Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv G repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZG repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140ZG formerly read:

SECTION 140ZG QUALIFYING PORTION OF BENEFITS  
140ZG(1) Qualifying portion.  

In determining whether a benefit ( current benefit ) is to be assessed against a person ' s lump sum RBL, the qualifying portion of a benefit previously received by the person is worked out using the formula:

Capital amount

×

Index number for second-last quarter Index number for payment quarter

where:

" Capital amount " means:

(a) if the benefit is an ETP - the amount of the ETP (other than the retained amount of the undeducted contributions, the retained amount of the concessional component, the retained amount of the post-June 1994 invalidity component, the non-qualifying component and the excessive component); or

(b) if the benefit is a superannuation pension - the capital value of the pension, reduced by any excessive amount; or

(c) if the benefit is an annuity - the amount of the ETP rolled-over to purchase the annuity, reduced by:

(i) the undeducted contributions, the concessional component and the post-June 1994 invalidity component; and

(ii) any excessive amount in relation to the annuity;

" Index number for second-last quarter " means the index number for the quarter 2 quarters before the quarter in which the current benefit was paid or in which the commencement day of the current benefit occurred;

" Index number for payment quarter " means the index number for the quarter in which the previous benefit was paid or in which the commencement day of the previous benefit occurs.

140ZG(2) No indexation if current benefit paid within 12 months of previous benefit.  

If the current benefit is paid or commences to be paid within 12 months of the payment of the previous benefit or of the commencement day of the previous benefit, the formula in subsection (1) applies to the previous benefit as if both of the index numbers were 1.

S 140ZG inserted by No 208 of 1992.