S 299C repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 299C formerly read:
[Nature of tax paid]
SECTION 299C CALCULATION OF RSA AMOUNT
[Method of calculation set out]
This section sets out how to calculate the RSA amount of an RSA provider's taxable income.
[Components of RSA amount]
The RSA amount is the sum of:
all taxable contributions made; and
other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider, reduced by any amounts paid from the RSA other than benefits paid to, or in respect of, the holder of the RSA.
In calculating the RSA amount, any amount of tax paid in respect of an RSA is taken not to have been an amount paid from the RSA.
[Amounts for part years]
In calculating the sum, the amounts set out in subsections (5) and (6) are taken not to have been credited.
[Amounts where pension paid]
Amounts credited to an RSA where a pension was paid from the RSA in respect of so much of the year of income as the RSA existed.
[Where pension paid for part year]
Where a pension was being paid from an RSA, in respect of a part, but not the whole, of so much of the year of income as the RSA existed, amounts worked out using the following formula:
|Amount credited to RSA
||No. of days in part of year in
respect of which pension was paid
No. of days in year on which RSA existed
S 299C inserted by No 62 of 1997.