Income Tax Assessment Act 1936

Subdiv AA (heading) substituted by No 15 of 2007, s 3 and Sch 1 item 59, applicable to the 2007-2008 income year and later years. The heading formerly read:

Subdivision AA - Superannuation, termination of employment and kindred payments

Subdiv AA inserted by No 47 of 1984.

S 27ACB repealed by No 15 of 2007, s 3 and Sch 1 item 3, applicable to the 2007-2008 income year and later years. S 27ACB formerly read:

SECTION 27ACB INTEREST SPLITS WHILE A PAYMENT SPLIT UNDER THE FAMILY LAW ACT 1975 APPLIES  
27ACB(1)
If, in respect of an interest (the original interest ) that a person (the first person ) has as a member of a superannuation fund, either of the following apply at a particular time (the relevant time ):

(a) an interest in a superannuation fund is created for the non-member spouse in relation to the original interest in circumstances prescribed by the regulations;

(b) an amount is transferred to a superannuation fund, in circumstances prescribed by the regulations, for the benefit of the non-member spouse in relation to the original interest;

then:

(c) there is taken to be an ETP made in relation to the non-member spouse of an amount (the new ETP amount ) equal to the value of the interest created for the non-member spouse or to the amount transferred (as the case may be); and

(d) there is taken to be an ETP made in relation to the first person of an amount (the remaining ETP amount ) equal to the value of the original interest immediately before the relevant time less the new ETP amount; and

(e) there is taken to be a roll-over of those ETPs.

Note:

See subsections (2) to (4) for how to work out the identified components of the ETPs.

 View history note

 Hide history note

History

S 27ACB(1) note inserted by No 78 of 2005.

27ACB(1A)
If, in respect of an eligible annuity (the original interest ) that a person (the first person ) has, either of the following apply at a particular time (the relevant time ):

(a) an annuity (within the meaning of subsection 27A(1) of this Act) is created for the non-member spouse in circumstances prescribed by the regulations;

(b) an amount is transferred to a superannuation fund, in circumstances prescribed by the regulations, for the benefit of the non-member spouse;

then:

(c) there is taken to be an ETP made in relation to the non-member spouse of an amount (the new ETP amount ) equal to the value of the annuity created for the non-member spouse or to the amount transferred (as the case may be); and

(d) there is taken to be an ETP made in relation to the first person of an amount (the remaining ETP amount ) equal to the value of the original interest immediately before the relevant time less the new ETP amount; and

(e) there is taken to be a roll-over of those ETPs.

 View history note

 Hide history note

History

S 27ACB(1A) inserted by No 78 of 2005.

27ACB(2) ETP in relation to non-member spouse.  

Each identified component of the ETP in relation to the non-member spouse is to be worked out in accordance with the following formula:

New ETP amount       Value of the original interest immediately before the relevant time

×

Corresponding amount

where:

corresponding amount
means the amount that would have been that component if an ETP had been made in relation to the first person of an amount equal to the value of the original interest immediately before the relevant time.

27ACB(3) [Eligible service period]  

For the purposes of working out all the components of the ETP in relation to the non-member spouse, the number of days in the eligible service period is taken to be zero.

27ACB(4) ETP in relation to first person.  

Each identified component of the ETP in relation to the first person is to be worked out in accordance with the following formula:

Remaining ETP amount   Value of the original interest immediately before the relevant time

×

Corresponding amount

where:

corresponding amount
means the amount that would have been that component if an ETP had been made in relation to the first person of an amount equal to the value of the original interest immediately before the relevant time.

27ACB(5) Definitions.  

In this section:

eligible annuity
has the same meaning as in Part VIIIB of the Family Law Act 1975 .

identified component
, in relation to an eligible termination payment, means any of the following:

(a) the concessional component;

(b) the post-June 1994 invalidity component;

(c) the CGT exempt component;

(d) the undeducted contributions;

(e) the untaxed element of the post-June 83 component.

non-member spouse
(Repealed by No 78 of 2005)

S 27ACB amended by No 78 of 2005; inserted by No 114 of 2001.