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Edited version of your written advice
Authorisation Number: 1012830760000
Date of advice: 6 July 2015
Ruling
Subject: The undeducted purchase price (UPP) of your foreign pension.
Question
Are you entitled to a deductible amount in respect of the UPP of your foreign pension?
Ruling
Yes, your annual deductible amount and your part year deductible amount has been determined in accordance with subsection 27 H of the Income Tax Assessment Act 1936 (ITAA 1936).
This ruling applies for the following periods:
2013-14 financial year
2014-15 financial year
The scheme commenced on:
On or after 1 July 1983
Relevant facts and circumstances
This ruling is based on the facts stated below. Any material variation from these facts (including any matters not stated in the description above and any departure from these facts) will mean that the ruling will have no effect. Where there is no variation, the ruling can apply for more than just the period/s mentioned above.
You are resident of Australia for income tax purposes.
Your pension is paid from a retirement fund established and managed outside Australia
You have provided evidence from the fund to assist the Commissioner in determining the amount of your personal contributions
Your assessable income includes your pension income
Your pension became payable on or after 1 July 1983
All of the pension is payable to you
Your pension is payable for life
The residual capital value of the pension is nil.
Your pension is paid on a monthly basis.
Relevant legislative provisions
Income Tax Assessment Act 1936 Section 27H
Income Tax Assessment Act 1936 Subsection 27H(2)
Income Tax Assessment Act 1936 Subsection 27H(4)
Income Tax Assessment Act 1997 Section 960-50 - currency translation
Income Tax Regulations 1936 Regulation 9
Income Tax Assessment Regulations 1997 Regulation 960-50.01 - currency translation
ATO view documents:
Taxation Ruling IT 2498
Taxation Ruling IT 2498A - Addendum
Other references:
Taxation Determination TD 2006/17
Taxation Determination TD 2006/54