Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Amendments relating to the undeducted purchase price of an annuity or superannuation pension

28   Interpretation

Section 27A of the Principal Act is amended by omitting from subsection (1) the definition of "undeducted purchase price" and substituting the following definition:

"'undeducted purchase price', in relation to an annuity or superannuation pension, means:

(a) if:

(i) the first day of the period to which the first payment of the annuity or pension relates is before 1 July 1994; or

(ii) the first day of the period to which the first payment of the annuity or pension relates is on or after 1 July 1994 and either:

(A) the annuity or pension is not a rebatable ETP annuity, or a rebatable superannuation pension, within the meaning of section 159SJ; or

(B) in the case of a pension-a notice under section 159SS was given in relation to any payment of the pension during any year of income;

the sum of:

(iii) so much of the purchase price of the annuity or pension as was paid before 1 July 1983 and:

(A) has not been, and will not be, an allowable deduction; and

(B) has not been, and is not to be, treated as a rebatable amount for the purposes of section 159N as in force at any time before the commencement of the Taxation Laws Amendment Act (No. 2) 1985; and

(C) is not an amount in respect of which a rebate of income tax has been allowed, or is allowable, in assessments for income tax under this Act or any previous law of the Commonwealth; and

(iv) so much of the purchase price of the annuity or pension as was paid on or after 1 July 1983 and has not been, and will not be, an allowable deduction, reduced by so much of the purchase price of the annuity or pension as is taken, because of section 27D, to consist of an amount to which sub-subparagraph 27D(1)(b)(iii)(A) or (B) applies; or

(b) in any other case-so much of the purchase price of the annuity or pension as was paid on or after 1 July 1983 and has not been, and will not be, an allowable deduction, reduced by so much of the purchase price of the annuity or pension as is taken, because of section 27D, to consist of an amount to which sub-subparagraph 27D(1)(b)(iii)(A), (B), (BA), (D) or (E) applies;".