Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p22
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 54053–56951

to be in breach of guidelines under the Privacy Act 1988

53. A disclosure of eligible tax file number information under this Division is taken not to breach guidelines issued under section 17 of the Privacy Act 1988.

Division 5—Reduction of deductions allowable to Bank of South Australia Limited, and associates of Bank of South Australia Limited in respect of certain superannuation contributions and eligible termination payments

Reduction of deductions allowable to Bank of South Australia Limited, and associates of Bank of South Australia Limited, in respect of certain superannuation contributions and eligible termination payments

Reducible deductions

54.(1) For the purposes of this section, a deduction is a reducible deduction if:

     (a) apart from this section, the deduction is allowable to Bank of South Australia Limited, or an associate of Bank of South Australia Limited, under section 82AAC of the Income Tax Assessment Act 1936 in respect of a contribution to a fund made before the Proclaimed day for the purposes of making provision for superannuation benefits for, or for dependants of, an ex-employee of:

        (i) the State Bank of South Australia; or

        (ii) a tax-exempt designated subsidiary of the State Bank of South Australia; or

     (b) apart from this section, the deduction is allowable to Bank of South Australia Limited, or an associate of Bank of South Australia Limited, under the Income Tax Assessment Act 1936 in respect of so much of a designated ETP made before the Proclaimed day in consequence of the termination of the employment of an ex-employee of:

        (i) the State Bank of South Australia; or

        (ii) a tax-exempt designated subsidiary of the State Bank of South Australia;

     as is not an approved early retirement scheme payment or a bona fide redundancy payment.

Reduction of reducible deductions

(2) A reducible deduction that, apart from this section, is allowable to a taxpayer for a year of income is reduced by the percentage worked out using the formula:

Pre-transfer amount for year         ×  100
Total reducible deductions for year

where:

"Pre-transfer amount for year" means so much of the aggregate of the reducible deductions allowable to taxpayers for the year of income apart from this section as is attributable to the current actuarial value of liabilities that had accrued on the last day on which the ex-employee or ex-employees concerned were employed by the State Bank of South Australia, or by the tax-exempt designated subsidiary or tax-exempt designated subsidiaries, as the case requires;

"Total reducible deductions for year" means the aggregate of the reducible deductions allowable to taxpayers for the year of income apart from this section.

No deduction unless taxpayer obtains an actuary's certificate

(3) In spite of subsection (2), a reducible deduction is not allowable