Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 30

30. Section 27A of the Principal Act is amended:
(a) by omitting from paragraph (d) of the definition of "eligible termination
payment" in subsection (1) ", reduced (except in the case of an ISC-directed
commutation payment) by the unused undeducted purchase price in relation to
the superannuation pension";

   (b)  by omitting from paragraph (da) of that definition all the words after
        "being made to the trustee;";

   (c)  by omitting from paragraph (db) of that definition all the words after
        "being made to the taxpayer;";

   (d)  by omitting from paragraph (e) of that definition ", reduced by the
        unused undeducted purchase price in relation to the superannuation
        pension";

   (e)  by omitting from subparagraph (f)(ii) of that definition "payable,"
        and substituting "payable;";

   (f)  by omitting from paragraph (f) of that definition "reduced by the
        unused undeducted purchase price in relation to the pension;";

   (g)  by omitting from paragraph (g) of that definition ", reduced (except
        in the case of an ISC-directed commutation payment) by the unused
        undeducted purchase price in relation to the annuity";

   (h)  by omitting from paragraph (ga) of that definition all the words after

"being made to the trustee";

   (i)  by omitting from paragraph (gb) of that definition all the words after

"being made to the taxpayer";

   (j)  by omitting from paragraph (h) of that definition ", reduced by the
        unused undeducted purchase price in relation to the qualifying
        annuity";

   (k)  by omitting from subparagraph (j)(ii) of that definition "payable,"
        and substituting "payable;";

   (l)  by omitting from paragraph (j) of that definition "reduced by the
        unused undeducted purchase price in relation to the annuity,";

   (m)  by omitting from subsection (1) the definition of "undeducted
        contributions" and substituting the following definition:

"'undeducted contributions', in relation to an ETP made in relation to a
taxpayer, means:

   (a)  if the ETP is covered by paragraph (d), (e) or (f) of the definition
        of 'eligible termination payment'-the unused undeducted purchase price
        in relation to the superannuation pension concerned; or

   (b)  if the ETP is covered by paragraph (da) or (db) of the definition of
        'eligible termination payment'-the amount that would have been the
        unused undeducted purchase price in relation to the superannuation
        pension concerned; or

   (c)  if the ETP is covered by paragraph (g), (h) or (j) of the definition
        of 'eligible termination payment'-the unused undeducted purchase price
        in relation to the annuity concerned; or

   (d)  if the ETP is covered by paragraph (ga) or (gb) of the definition of
        'eligible termination payment'-the amount that would have been the
        unused undeducted purchase price in relation to the annuity concerned
        (having regard only to contributions made to the fund concerned); or

   (e)  if:

        (i)    the ETP is covered by any other paragraph of the definition of
               'eligible termination payment'; or

        (ii)   paragraph (a), (b), (c) or (d) of this definition applies, but
               the amount worked out under that paragraph is nil; so much of
               the ETP as is attributable to contributions made by the
               taxpayer, or by another person, after 30 June 1983 to a
               superannuation fund, where:

        (iii)  the contributions were made in order to obtain superannuation
               benefits; and

        (iv)   no deductions are allowable or have been allowed to the
               taxpayer or to the other person in respect of the
               contributions;";
(n) by inserting in subsection (7) "paragraph (e) of " after "the purposes of
".