Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 28

28. Section 27A of the Principal Act is amended by omitting from subsection
(1) the definition of "undeducted purchase price" and substituting the
following definition:

"'undeducted purchase price', in relation to an annuity or superannuation
pension, means:

   (a)  if:

        (i)    the first day of the period to which the first payment of the
               annuity or pension relates is before 1 July 1994; or

        (ii)   the first day of the period to which the first payment of the
               annuity or pension relates is on or after 1 July 1994 and
               either:

                (A)  the annuity or pension is not a rebatable ETP annuity, or
                     a rebatable superannuation pension, within the meaning of
                     section 159SJ; or

                (B)  in the case of a pension-a notice under section 159SS was
                     given in relation to any payment of the pension during
                     any year of income; the sum of:

        (iii)  so much of the purchase price of the annuity or pension as was
               paid before 1 July 1983 and:

                (A)  has not been, and will not be, an allowable deduction;
                     and

                (B)  has not been, and is not to be, treated as a rebatable
                     amount for the purposes of section 159N as in force at
                     any time before the commencement of the
                     Taxation Laws Amendment Act (No. 2) 1985; and

                (C)  is not an amount in respect of which a rebate of income
                     tax has been allowed, or is allowable, in assessments for
                     income tax under this Act or any previous law of the
                     Commonwealth; and

        (iv)   so much of the purchase price of the annuity or pension as was
               paid on or after 1 July 1983 and has not been, and will not be,
               an allowable deduction, reduced by so much of the purchase
               price of the annuity or pension as is taken, because of section
               27D, to consist of an amount to which sub-subparagraph
               27D(1)(b)(iii)(A) or (B) applies; or

   (b)  in any other case-so much of the purchase price of the annuity or
        pension as was paid on or after 1 July 1983 and has not been, and will
        not be, an allowable deduction, reduced by so much of the purchase
        price of the annuity or pension as is taken, because of section 27D,
        to consist of an amount to which sub-subparagraph 27D(1)(b)(iii)(A),
        (B), (BA), (D) or (E) applies;".