Income Tax Assessment Act 1936
View history note
Hide history noteDiv 14 repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.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Former Div 14 (s 137-140) repealed by No 126 of 1977.
Subdiv C repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 140M(6) amended by No 55 of 2007, No 101 of 2006, No 165 of 1999 (as amended by No 173 of 2000).
Note that the 15-year exemption in Subdivision 152-B of the Income Tax Assessment Act 1997 , will effectively only apply to CGT events that happen on or after 20 September 2000, since the 15-year exemption is only relevant to CGT assets acquired on or after 20 September 1985.
For transitional provisions see note under s 27A(1), definition of " CGT exempt component " .
S 140M(6) amended by No 94 of 1999 and inserted by No 147 of 1997.
S 140M inserted by No 208 of 1992.
S 140M repealed by No 15 of 2007, s 3 and Sch 1 item 6, applicable to the 2007-2008 income year and later years. S 140M formerly read:
If:
the payer must give to the Commissioner a notice containing such information as is specified in the regulations. S 140M(1) amended by No 128 of 1999, No 147 of 1997, No 53 of 1995 and No 138 of 1994. Subdiv E of Div 12 of No 138 of 1994, commenced 28 November 1994.
SECTION 140M PAYERS OF BENEFITS TO GIVE CERTAIN INFORMATION TO COMMISSIONER
140M(1)
Notice to be given.
(a)
any of the following applies:
(i)
both:
(A)
a payer makes an ETP in relation to a person on or after 1 July 1994; and
(B)
if the payer is the person
'
s employer, the Commissioner or a State or Territory authority referred to in subsection
18(2)
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
-
the amount of the ETP exceeds $5,000;
(ii)
a payer commences to make payments of a superannuation pension to a person on or after 1 July 1994;
(iii)
a payer commences to make payments of an immediate annuity to a person on or after 1 July 1994;
(iv)
a payer makes an ETP, consisting in whole or in part of a CGT exempt component, in relation to a person; and
(b)
the ETP, pension or annuity counts towards the person
'
s RBLs; and
(c)
in the case of an ETP
-
the ETP is not an ETP referred to in subsection
27AA(4)
;
140M(1A) [Super fund payment split]
If:
(a) a payment split applies to a splittable payment in respect of:
(i) an interest that a person has as a member of a superannuation fund; or
(ii) an eligible annuity (within the meaning of Part VIIIB of the Family Law Act 1975 ); and
(b) as a result, a payment is made to the non-member spouse in relation to that interest or annuity; and
(c) the payment, if it had been made to the original payee, would have been a payment of a superannuation pension or an immediate annuity by a payer to the original payee; and
(d) this subsection has not previously applied in relation to a payment made to the non-member spouse in relation to that interest or annuity;
then:
(e) for the purposes of this Act, the payer is taken to have commenced to make payments of a superannuation pension or an immediate annuity (as the case requires) to the non-member spouse; and
(f) the payer must give the Commissioner a notice containing such information as is specified in the regulations.
Note 1:
This Act contains various provisions dealing with superannuation pensions or annuities. For example, see section 27H (about assessable income including superannuation pensions or annuities) and Subdivision AAB of Division 17 of Part III (about rebates for certain superannuation pensions or annuities).
Note 2:
If the payer also commenced to make payments of a superannuation pension or an annuity to the original payee, then subsection (1) would apply in relation to the original payee.
S 140M(1A) amended by No 78 of 2005; inserted by No 114 of 2001.
140M(1B)
For the purposes of subsection (1A), original payee means the person to whom the splittable payment would have been made but for the payment split.
S 140M(1B) inserted by No 114 of 2001.
140M(1C)
If:
(a) a payer commences or has commenced to make payments of:
(i) a superannuation pension to a person (the first person ) in respect of an interest that a person has as a member of a superannuation fund; or
(ii) an eligible annuity (within the meaning of Part VIIIB of the Family Law Act 1975 ) to a person (the first person ); and
(b) the pension or annuity counts or counted towards the first person ' s RBLs; and
(c) a payment split then applies to a splittable payment in respect of that interest or annuity; and
(d) as a result:
(i) a payment is made to or for the benefit of the non-member spouse; or
(ii) an interest in a superannuation fund, or an annuity (within the meaning of subsection 27A(1) of this Act), is created for, or an amount is transferred to a superannuation fund for the benefit of, the non-member spouse in circumstances prescribed by the regulations; and
(e) this subsection has not previously applied in relation to that payment split;
then:
(f) the payer must give the Commissioner a notice containing such information as is specified in the regulations; and
(g) if the payer also makes a payment of the pension or eligible annuity to the first person - for the purposes of this Act, the payer is taken to have commenced to make payments of another superannuation pension or immediate annuity (as the case requires) to the first person.
S 140M(1C) amended by No 78 of 2005; inserted by No 114 of 2001.
140M(2) Type of information in notice.
The information specified in the regulations for the purposes of this section must:
(a) concern the ETP, pension or annuity; or
(b) be necessary to enable a final determination to be made in relation to the recipient ' s RBLs.
S 140M(2) amended by No 114 of 2001.
140M(3) Form and lodgment of notice.
A notice under this section must:
(a) be in the form approved in writing by the Commissioner; and
(b) be given to the Commissioner before:
(i) if the payer is informed by the recipient, on or before the 10th day of the month after the month ( payment month ) in which the benefit was paid or commenced to be paid, that:
(A) the recipient had applied to the Commissioner for the issue of a tax file number; andthe end of the 14th day of the second month after the payment month; or
(B) the Commissioner had neither granted nor refused that application;
or before the end of such further period as the Commissioner allows.
(ii) in any other case - the end of the 14th day of the month after the payment month;
S 140M(3) amended by No 114 of 2001.
140M(4) Notice may be given in writing or on a data processing device.
An approval of a form may require or permit a notice to be given:
(a) in writing; or
(b) in accordance with specified software requirements, on a specified kind of data processing device.
140M(5) ETPs referred to in subsection 27AA(4) - special rules.
If:
(a) the Commissioner makes an ETP in relation to a person; and
(b) the ETP is referred to in subsection 27AA(4) ; and
(c) the amount of the ETP exceeds $5,000; and
(d) the ETP counts towards the person ' s RBLs;
then, for the purposes of this Act (other than this section or section 140P ):
(e) the ETP is taken to be an ETP to which subsection (1) applies; and
(f) the Commissioner is taken to have received a notice under subsection (1) about the ETP.
S 140M(5) inserted by No 53 of 1995.
140M(6) ETPs covered by CGT retirement exemption - special rules.
If an ETP is taken to have been made to a person under former subsection 160ZZPZE(4) of this Act or subsection 152-310(2) or 152-325(7) of the Income Tax Assessment Act 1997 :
(a) the ETP is taken to be an ETP to which subsection (1) of this section applies; and
(b) for the purposes of this section, the person is taken to be the payer of the ETP; and
(c) paragraph (3)(b) of this section does not apply in relation to the ETP; and
(d) the notice mentioned in subsection (1) must be given to the Commissioner before the end of the 14th day of the month after the payment month mentioned in subparagraph (3)(b)(i), or before the end of such further period as the Commissioner allows.
S 140M(6) amended by No 55 of 2007 , s 3 and Sch 1 item 2, by inserting " or 152-325(7) " , applicable to CGT events happening in the 2006-07 income year and later income years.
S 140M(6) amended by No 101 of 2006 , s 3 and Sch 2 item 354, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .
S 140M(6) amended by No 165 of 1999 (as amended by No 173 of 2000).
Note that the 15-year exemption in Subdivision 152-B of the Income Tax Assessment Act 1997 , will effectively only apply to CGT events that happen on or after 20 September 2000, since the 15-year exemption is only relevant to CGT assets acquired on or after 20 September 1985.
For transitional provisions see note under s 27A(1), definition of " CGT exempt component " .
S 140M(6) amended by No 94 of 1999 and inserted by No 147 of 1997.
S 140M inserted by No 208 of 1992.