Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 53

53. After section 27CA of the Principal Act the following section is inserted:
Exemption from tax-post-June 1994 invalidity component and tax-free amount of
bona fide redundancy payment or approved early retirement scheme payment
(Exemption)

"27CB.(1) If:

   (a)  an ETP is made in relation to a taxpayer on or after 1 July 1994; and

   (b)  the ETP includes any of the following amounts ('exempt amounts'):

        (i)    a post-June 1994 invalidity component;

        (ii)   a tax-free amount of a bona fide redundancy payment;

        (iii)  a tax-free amount of an approved early retirement scheme
               payment; then:

   (c)  the taxpayer's assessable income does not include the exempt amount;
        and

   (d)  the exempt amount is to be ignored in working out whether a capital
        gain accrues to the taxpayer under Part IIIA in respect of the making
        of the ETP. (Tax-free amount of bona fide redundancy payment, or
        approved early retirement scheme payment, to be treated as part of
        ETP)

"(2) For the purposes of subsection (1), it is to be assumed that paragraph
(ja) of the definition of 'eligible termination payment' in subsection 27A(1)
had not been enacted.".