Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p11
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 25462–28055

3) 1993No. 118, 1993
- SECT 24
Object of Division

  24. The object of this Division is to exempt disposals of life assurance
policies held by trustees of complying superannuation funds, complying
approved deposit funds and pooled superannuation trusts from Part IIIA of the
Principal Act (which deals with capital gains and capital losses).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 25
Policies of life assurance

  25. Section 160ZZI of the Principal Act is amended by inserting after
subsection (3) the following subsection:
  "(3A) This Part does not apply in respect of the disposal by a taxpayer of,
or of an interest in, any rights under a policy of life assurance if:
  (a) the taxpayer is the trustee of a complying superannuation fund, within
the meaning of Part IX, in relation to the year of income of the taxpayer in
which the disposal occurred; or
  (b) the taxpayer is the trustee of a complying ADF, within the meaning of
Part IX, in relation to the year of income of the taxpayer in which the
disposal occurred; or
  (c) the taxpayer is the trustee of a PST, within the meaning of Part IX, in
relation to the year of income of the taxpayer in which the disposal
occurred.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 26
Application of amendment

  26. The amendment made by this Division applies to a disposal during the
year of income in which 1 July 1988 occurred or during a later year of income.

Division 5 - Amendments relating to the prescribed payment system (PPS)

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 27
Object of Division

  27. The object of this Division is to provide that deductions from
prescribed payments are to be in whole dollars.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 28
Deductions where payee declaration

  28. Section 221YHD of the Principal Act is amended by adding at the end of
subsections (2), (3) and (5) "If working out that percentage of the payment
results in an amount of dollars and cents, the cents are to be disregarded.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 29
Deductions where no payee declaration

  29. Section 221YHDA of the Principal Act is amended by adding at the end of
subsection (2) "If working out that percentage of the payment results in an
amount of dollars and cents, the cents are to be disregarded.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 30
Application of amendments

  30. The amendments made by this Division apply in relation to prescribed
payments made on or after 1 January 1993.