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

248   After subsection 713-555(3)


(3A) For the purposes of subsection (3), work out the reduced purchase price of the *annuity as follows:

(a) first, work out the purchase price (within the meaning of section 27H of the Income Tax Assessment Act 1936) of the annuity;

(b) next, reduce that purchase price by the total of the amounts excluded from assessable income under paragraph 27H(1)(a) of that Act as deductible amounts in relation to the annuity.