INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-G - Denial of certain deductions  

SECTION 57-70   TREATMENT OF SUPERANNUATION LUMP SUMS AND EMPLOYMENT TERMINATION PAYMENTS  

57-70(1)  


This section applies to a deduction otherwise allowable to the transition taxpayer for a year of income under section 8-1 (about general deductions) or 25-50 (about pensions, gratuities or retiring allowances) of the Income Tax Assessment Act 1997 for a superannuation lump sum or an employment termination payment for a person who was an employee of the transition taxpayer at any time before the transition time (regardless of whether the person was an employee at or after the transition time).

57-70(2)  
So much (if any) of the deduction as relates to a period of service of the employee before the transition time is not allowable.

57-70(3)  


This section does not apply to an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997 ), or a genuine redundancy payment (within the meaning of that Act).

57-70(4)  
(Repealed by No 15 of 2007)


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