Income Tax Assessment Act 1936

Subdiv AA (heading) substituted by No 15 of 2007, s 3 and Sch 1 item 59, applicable to the 2007-2008 income year and later years. The heading formerly read:

Subdivision AA - Superannuation, termination of employment and kindred payments

Subdiv AA inserted by No 47 of 1984.

S 27G repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27G formerly read:

SECTION 27G INVALIDITY PAYMENTS  
27G
Where:

(a) an eligible termination payment is made in relation to a taxpayer in consequence of the termination of any employment of the taxpayer; and

(b) the termination of the employment of the taxpayer occurred:

(i) because of:

(A) if the eligible termination payment is made before 1 July 1994 - the taxpayer ' s physical or mental incapacity to engage in that employment; or

(B) if the eligible termination payment is made on or after 1 July 1994 - the disability of the taxpayer, where 2 legally qualified medical practitioners have certified that the disability is likely to result in the taxpayer being unable ever to be employed in a capacity for which the taxpayer is reasonably qualified because of education, training or experience; and

(ii) before the last retirement date in relation to the employment;

so much of the eligible termination payment as is equal to the amount ascertained in accordance with the formula

AB   , C

where:

A is the amount of the eligible termination payment;

B is the number of whole days in the period from the date on which the termination occurred to the last retirement date; and

C is the aggregate of the number of whole days in the eligible service period in relation to the eligible termination payment and the number of whole days represented by component B ;

is an invalidity payment in relation to the taxpayer.

S 27G amended by No 208 of 1992; inserted by No 47 of 1984.