S 159SM repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years. S 159SM formerly read:
SECTION 159SM ENTITLEMENT TO REBATE
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SUPERANNUATION PENSION
159SM(1)
[Calculation of rebate]
Subject to subsection (2), for each rebatable 27H amount included in a taxpayer
'
s assessable income of a year of income in respect of a rebatable superannuation pension, the taxpayer is entitled to a rebate of tax in the taxpayer
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s assessment for the year of income of an amount worked out using the formula:
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Rebatable 27H amount
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× |
Rebatable proportion of pension
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×
15%
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where:
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Reduced 27H amount
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is the rebatable 27H amount, reduced by the total of the amounts specified in notices under section
159SS
given in relation to payments of the pension during the year of income (other than payments made before the taxpayer
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s 55th birthday).
History
S 159SM(1) substituted by No 208 of 1992.
159SM(2)
[Untaxed superannuation fund]
The taxpayer is not entitled to a rebate for a rebatable 27H amount included in the taxpayer
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s assessable income of a year of income in respect of a rebatable superannuation pension if the applicable fund in relation to the superannuation pension is not a taxed superannuation fund in relation to the year of income of the fund that corresponds with that year of income of the taxpayer.
159SM(3)
[Taxpayer not entitled to rebate]
The taxpayer is not entitled to a rebate for a rebatable 27H amount included in the taxpayer
'
s assessable income of a year of income in respect of a rebatable superannuation pension if the applicable fund in relation to the superannuation pension was a constitutionally protected fund on the first day of the period to which the pension relates.
History
S 159SM(3) inserted by No 168 of 2001.
S 159SM inserted by No 105 of 1989.
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