Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 19

19. Section 159SJ of the Principal Act is amended:

   (a)  by omitting from subsection (1) all the definitions other than the
definitions of "applicable fund", "complying superannuation fund", "CS
policy", "ETP", "ETP Subdivision", "exempt policy", "first payment date",

"rolled-over amount", "superannuation pension" and "taxed superannuation
fund";
(b) by omitting from paragraph (a) of the definition of "first payment date"
in subsection (1) "date on which the pension or annuity first commenced to be
payable" and substituting "first day of the period to which the first payment
of the pension or annuity relates";

   (c)  by inserting in subsection (1) the following definitions:

"'death or disability benefit', in relation to a person, means:

   (a)  a benefit provided to the person in the event of the death of another
        person; or

   (b)  a benefit provided to the person in the event of the disability of the
        person, where 2 legally qualified medical practitioners have certified
        that the disability is likely to result in the person being unable
        ever to be employed in a capacity for which the person is reasonably
        qualified because of education, training or experience;
'rebatable ETP annuity' means a qualifying annuity (within the meaning of the
ETP Subdivision) where:

   (a)  the purchase price of the annuity consists wholly of a rolled-over
        amount or rolled-over amounts; and

   (b)  the annuity is not a superannuation pension;
'rebatable proportion', in relation to a rebatable ETP annuity or a rebatable
superannuation pension, has the same meaning as in Division 14;
'rebatable superannuation pension' means a superannuation pension where:

   (a)  the applicable fund is or has been:

        (i)    a complying superannuation fund; or

        (ii)   a fund to which paragraph 23(jaa) or section 23FC, as in force
               at any time before 30 June 1989, has applied; or

        (iii)  a fund to which paragraph 23(ja) or section 23F or 23FB, as in
               force at any time before18 December 1987, has applied; or

        (iv)   a fund to which section 79, as in force at any time before 25
               June 1984, has applied; in relation to the year of income in
               which the first payment date occurs or any earlier year of
               income; and

   (b)  the person to whom the pension first became payable is not the trustee
        of the applicable fund;
'rebatable 27H amount', in relation to a rebatable ETP annuity or a rebatable
superannuation pension and in relation to a year of income, means:

   (a)  if:

        (i)    the 55th birthday of the recipient of the annuity or pension
               occurred before the year of income; or

        (ii)   the annuity or pension is a death or disability benefit for the
               recipient; an amount included in assessable income under
               section 27H in respect of the annuity or pension; or

   (b)  in any other case-so much (if any) of an amount included in assessable
        income under section 27H in respect of the annuity or pension as is
        attributable to a payment of the annuity or pension made on or after
        the recipient's 55th birthday;
'recipient', in relation to an annuity or pension, means the person who
derives the annuity or pension;";

   (c)  by omitting subsection (2).