Income Tax Assessment Act 1936

Part IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.

Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.

Div 3 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.

S 283 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 283 formerly read:

SECTION 283 EXEMPTION OF PROPORTION OF INCOME ATTRIBUTABLE TO CURRENT PENSION LIABILITIES  
283(1) [Exemption]  

For each amount of normal assessable income of a complying superannuation fund of a year of income other than:

(a) income exempt from tax under section 282B ; or

(b) income derived from assets that, when the income is derived, are segregated non-current pension assets of the fund;

the proportion (if any) calculated under subsection (2) is exempt from tax.

283(2) [Calculation of proportion]  

The proportion is calculated using the formula:

Unsegregated current pension liabilities Unsegregated superannuation liabilities

where:

Unsegregated current pension liabilities is the average value during the year of income of the current pension liabilities of the fund, other than liabilities in respect of which any segregated current pension assets are held;

Unsegregated superannuation liabilities is the average value during the year of income of the superannuation liabilities of the fund, other than liabilities in respect of which any segregated current pension assets or segregated non-current pension assets are held.

283(2A) [Prescribed pensions]  

If, at all times during the year of income, the current pension liabilities of the fund were liabilities in respect of pensions that are prescribed by the regulations for the purposes of this subsection, then subsections (3) and (4) do not apply in determining the amounts to be used in the formula in subsection (2).

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History

S 283(2A) inserted by No 93 of 2004.

283(3) [Value of fund ' s liabilities]  

Subject to subsection (4), for the purposes of subsection (2) the value at a particular time in the year of income of the fund ' s liabilities of a particular kind is the amount that, in accordance with an actuary ' s certificate that is obtained by the trustee of the fund before the certificate date, together with any future contributions in respect of the superannuation benefits concerned, if accumulated after the particular time at the rate the actuary expects will be the rate of the fund ' s earnings on assets (other than segregated current pension assets or segregated non-current pension assets), would provide the amount required to discharge in full the liabilities as they fall due.

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S 283(3) amended by No 58 of 1990.

283(4) [Calculation of value]  

Where:

(a) the fund has neither segregated current pension assets nor segregated non-current pension assets at any time during the year of income; and

(b) an actuary ' s certificate in respect of the value at the particular time of the fund ' s superannuation liabilities referred to in the definition of Unsegregated superannuation liabilities in subsection (2) is not obtained by the trustee of the fund before the certificate date;

the value of those liabilities at the particular time is an amount calculated using the formula:

Last value of liabilities Last value of assets

×

Current value of assets

where:

Last value of liabilities is the most recent value of the liabilities before the particular time, as shown in an actuary ' s certificate obtained by the trustee of the fund before the certificate date;

Last value of assets is the value, at the time of that most recent valuation of the liabilities, of all of the assets of the fund, as shown in an actuary ' s certificate obtained by the trustee of the fund before the certificate date;

Current value of assets is the value of all of the assets of the fund at the particular time, as shown in an actuary ' s certificate obtained by the trustee of the fund before the certificate date.

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History

S 283(4) amended by No 58 of 1990.

S 283 inserted by No 97 of 1989 and substituted by No 105 of 1989.