Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 22

22. Section 159SM of the Principal Act is amended by omitting subsection (1)
and substituting the following subsection:

"(1) Subject to subsection (2), for each rebatable 27H amount included in a
taxpayer's assessable income of a year of income in respect of a rebatable
superannuation pension, the taxpayer is entitled to a rebate of tax in the
taxpayer's assessment for the year of income of an amount worked out using the
formula:
         Reduced 27H  x     Rebatable proportion       x       15%

          amount                  of pension
where:
'Reduced 27H amount' is the rebatable 27H amount, reduced by the total of the
amounts specified in notices under section 159SS given in relation to payments
of the pension during the year of income (other than payments made before the
taxpayer's 55th birthday).".