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.