Income Tax Assessment Act 1936

Div 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

Div 14 inserted by No 208 of 1992.

Former Div 14 (s 137-140) repealed by No 126 of 1977.

Subdiv A repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.

S 140A repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140A formerly read:

SECTION 140A SIMPLIFIED OUTLINE  
140A(1) Outline.  

The following is a simplified outline of the scheme of this Division.

140A(2) Step 1 - payer of ETP, pension or annuity notifies Commissioner.  

The payer of an ETP, superannuation pension or annuity must give the Commissioner information about the ETP, pension or annuity (section 140M ). The payer is not required to notify the Commissioner if the ETP, pension or annuity does not count towards the recipient ' s RBLs. Section 140ZC sets out the benefits which count towards the recipient ' s RBLs. The payer is taken not to have paid an ETP to the extent to which the ETP is rolled-over (section 140D ).

140A(3) Step 2 - Commissioner determines extent to which the ETP, pension or annuity exceeds the recipient ' s RBLs.  

Subdivision D provides for the Commissioner to determine the extent to which the ETP, pension or annuity exceeds the recipient ' s RBLs.

140A(4) [Summary of method of determining extent to which current benefit exceeds RBL]  

The method of determining the extent to which the ETP, pension or annuity ( current benefit ) exceeds the recipient ' s RBLs is set out in section 140ZA . The method may be summarised as follows:

(a) work out the RBL amount of the ETP, pension or annuity (see Subdivision H);

(b) work out the sum of the adjusted RBL amounts of previous benefits (see subsections 140ZA(4) and (5) );

(c) work out whether the ETP, pension or annuity is to be assessed against the recipient ' s lump sum RBL or the recipient ' s pension RBL (see subsection 140ZA(3) and section 140ZF );

(d) work out the amount of whichever of the lump sum RBL or the pension RBL is applicable (see Subdivision G);

(e) apply the RBL formula set out in subsection 140ZA(3) , namely:

RBL amount of current benefit

+

Sum of adjusted RBL amounts of previous benefits

−

Applicable   RBL

(f) if the amount ( formula amount ) calculated using the RBL formula exceeds 0, then:

(i) the ETP, pension or annuity exceeds the recipient ' s RBLs; and

(ii) the amount of that excess is equal to so much of the RBL amount of the ETP, pension or annuity as does not exceed the formula amount;

(g) if the formula amount does not exceed 0, the ETP, pension or annuity is not in excess of the recipient ' s RBLs.

S140A inserted by No 208 of 1992.