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Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv H repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140ZM repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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

SECTION 140ZM RBL AMOUNT - ANNUITY  
140ZM
The RBL amount of an annuity ( current annuity ) payable to a person is:

(a) if the current annuity did not commence to be paid as the result of the partial commutation of another annuity that met the pension and annuity standards - the sum of the following amounts in relation to the amount of the ETP rolled-over to purchase the current annuity:

(i) 100% of the pre-July 83 component;

(ii) 100% of the taxed element of the post-June 83 component;

(iii) 85% of the untaxed element of the post-June 83 component;

(iv) 100% of the retained amount of the CGT exempt component; or

(b) if the current annuity commenced to be paid as the result of the partial commutation of another annuity that met the pension and annuity standards - the sum of the following amounts in relation to the amount of the ETP rolled-over to purchase the current annuity:

(i) 100% of the pre-July 83 component;

(ii) 100% of the taxed element of the post-June 83 component;

(iii) 85% of the untaxed element of the post-June 83 component;

(iv) 100% of the retained amount of the CGT exempt component;

reduced by the RBL amount of the ETP that arose as the result of that commutation.

S 140ZM amended by No 147 of 1997 and inserted by No 208 of 1992.