INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 16 - Insurance and superannuation  

SECTION 160ZZJ   SUPERANNUATION AND APPROVED DEPOSIT FUNDS  

160ZZJ(1)   [Disposal of rights under funds]  

This Part does not apply in respect of -

(a) the disposal of a right to, or to any part of, an allowance, annuity or capital amount payable out of a superannuation fund or an approved deposit fund; or

(b) the disposal of a right to, or to any part of, an asset of a superannuation fund or of an approved deposit fund, not being a disposal by the trustee of the fund.

160ZZJ(2)   [What constitutes disposal]  

For the purposes of subsection (1) but without limiting the generality of section 160M , an act, transaction or event that results in the payment of an amount to a person out of a superannuation fund or an approved deposit fund or the transfer to a person of property being an asset of a superannuation fund or approved deposit fund constitutes the disposal of the right of the person to the amount or property.

160ZZJ(3)   [Payment not received by virtue of fund membership]  

Subsection (1) does not apply where the person who disposed of the right received the payment or property otherwise than by virtue of being a member of the superannuation fund or approved deposit fund and that person acquired the right for an amount of money or other consideration.

160ZZJ(4)   [Definitions]  

For the purposes of this section -

"approved deposit fund"
has the same meaning as in Subdivision AA of Division 2 of Part III;

"superannuation fund"
means -

(a) an eligible superannuation fund within the meaning of Part IX; or

(b) a scheme for the payment of benefits upon retirement or death, being a scheme constituted by or under a law of the Commonwealth or of a State or Territory.