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Edited version of private advice
Authorisation Number: 4120081782980
Date of advice: 27 April 2021
Ruling
Subject: Undeducted purchase price of a foreign pension or annuity
Question
Are you entitled to an undeducted purchase price (UPP) deductible amount in respect of your foreign pension?
Answer
Yes. The deductible amount has been calculated in accordance with the formula under subsection 27H(2) of the Income Tax Assessment Act 1936
This ruling applies for the following periods:
Year ended 30 June 20XX to year ended 30 June 20XX
The scheme commences on:
11 January 20XX
Relevant facts and circumstances
You are a resident of Australia for income tax purposes.
Your pension is paid by a scheme maintained overseas
You have provided the Calculation of Assessment Basis statement from the fund to assist the Commissioner in determining the amount of your personal contributions
Your pension commenced in 20XX and is payable for life
You currently receive 100% of the pension
The residual capital value of the pension is nil
Your pension is paid on a monthly basis
Relevant legislative provisions
Income Tax Assessment Act 1936 Section 27H
Income Tax Assessment Act 1936 Subsection 27H(2)
Income Tax Assessment Act 1936 Subsection 27H(4)
Income Tax Regulations 1936 Regulation 9