Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)
Schedule 1 Consequential amendments etc.
Part 2 Other consequential amendments etc.
Income Tax Assessment Act 1997
241 Paragraph 320-246(4)(a)
Repeal the paragraph, substitute:
(a) the total amount payable for its commutation to exceed:
(i) if the annuity is a *superannuation income stream that was purchased on or after 1 July 2007 - the amount of the *taxable component of the *superannuation interest supporting the superannuation income stream; or
(ii) if subparagraph (i) does not apply - its reduced purchase price (within the meaning of former section 27A of the Income Tax Assessment Act 1936 just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007).