Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)
Schedule 1 Consequential amendments etc.
Part 2 Other consequential amendments etc.
Social Security Act 1991
301 Point 1066A-G3
Repeal the point, substitute:
Directed termination payments excluded
(a) a person's employment has been terminated; and
(b) as a result the person is entitled to a lump sum payment from the person's former employer; and
(c) the payment, or part of the payment, is a directed termination payment within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997;
the payment, or that part, is to be disregarded in working out the ordinary income of the person for the purposes of Module F.