Income Tax Assessment Act 1936
View history note
Hide history noteDiv 3 heading inserted by No 172 of 1978.
Subdiv AA repealed by No 15 of 2007, s 3 and Sch 1 item 5, applicable to the 2007-2008 income year and later years.
(Repealed by No 15 of 2007)
S 82AAQ repealed by No 15 of 2007, s 3 and Sch 1 item 5, applicable to the 2007-2008 income year and later years. S 82AAQ formerly read:
S 82AAQ(1) amended by
No 101 of 2006
, s 3 and Sch 2 item 259, by omitting
"
or the previous Act
"
after
"
under this Act
"
, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
. S 82AAQ(1) amended by No 147 of 2005, applicable to payments made on or after the first day of the first quarter after the quarter in which No 147 of 2005 received the Royal Assent
[
ie 14 December 2005]. No 147 of 2005, s 3 and Sch 7 item 19, contains the following provision: S 82AAQ(1) inserted by No 110 of 1964. the amount of the payment, or value of the benefit, is, to the extent that it reasonably represents the return as mentioned in paragraph (c), included in the recipient
'
s assessable income of the year of income. S 82AAQ(2) amended by No 147 of 2005, s 3 and Sch 7 item 11, applicable to payments made on or after the first day of the first quarter after the quarter in which No 147 of 2005 received the Royal Assent
[
ie 14 December 2005]. No 147 of 2005, s 3 and Sch 7 item 19, contains the following provision: S 82AAQ(2) inserted by No 181 of 1994. S 82AAQ(3) inserted by No 181 of 1994.
SECTION 82AAQ AMOUNT PAID FROM FUND TO BE INCLUDED IN RECIPIENT
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S ASSESSABLE INCOME
82AAQ(1)
Where a taxpayer who has, under this Act, been allowed in an assessment in respect of income of any year of income a deduction in respect of an amount or amounts set apart or paid as or to a fund or funds for the purpose of making provision for superannuation benefits for, or for dependants of, another person receives in the year of income a payment or benefit from that fund or any of those funds, as the case may be, his assessable income of the year of income shall include the amount of the payment or an amount equal to the value of the benefit, as the case may be.
Previous interpretation preserved
19
The amendment is not to be taken to affect by implication the interpretation of a provision amended at a time before commencement.
82AAQ(2)
If:
(a)
a taxpayer has, under this Act or the previous Act, been allowed in an assessment in respect of income of any year of income a deduction in respect of an amount set apart or paid as or to a fund (the
original fund
) for the purpose of making provision for superannuation benefits for, or for dependants of, another person; and
(b)
either:
(i)
a person (the
recipient
) other than the taxpayer receives in the year of income a payment or benefit from the original fund or a successor fund of the original fund, other than in the capacity as a member of the fund; or
(ii)
the taxpayer (also the
recipient
) receives in the year of income a payment or benefit from a successor fund of the original fund, other than in the capacity as a member of the fund; and
(c)
the making of the payment or providing of the benefit reasonably represents the return to any extent of the amount, or earnings on the amount, set apart or paid as mentioned in paragraph (a);
Previous interpretation preserved
19
The amendment is not to be taken to affect by implication the interpretation of a provision amended at a time before commencement.
82AAQ(3)
A fund that provides superannuation benefits (the
test fund
) is a
successor fund
of the original fund if:
(a)
the original fund, or any other fund that is a successor fund of the original fund because of another application of this subsection, has transferred any of its assets to the test fund; or
(b)
an eligible termination payment (within the meaning of section
27A
) made in relation to a member of:
(i)
the original fund; or
is, because of the payment of an amount to the test fund, taken to be rolled-over within the meaning of that section.
(ii)
any other fund that is a successor fund of the original fund because of another application of this subsection;