Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:9_27caa:p1
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 9 cl 27CAA (pt 1/2)
Character Range: 167904–170720

27CAA  Assessable income to include component of lump sum payment from an eligible non‑resident non‑complying superannuation fund

 (1) If:
 (a) a payment (the relevant payment) of a lump sum (including a payment made because a superannuation pension or annuity is commuted) is made from a fund that is an eligible non‑resident non‑complying superannuation fund (the paying fund) in relation to a taxpayer; and
 (b) the relevant payment is not an exempt resident foreign termination payment or an exempt non‑resident foreign termination payment; and
 (c) the relevant payment is not made to another eligible non‑resident non‑complying superannuation fund; and
 (d) had the paying fund been a superannuation fund, the relevant payment would, apart from paragraph (ma) of the definition of eligible termination payment, have been an eligible termination payment; and
 (e) the amount worked out under the formula in subsection (2) is a positive amount;
then, subject to subsection (4), the taxpayer's assessable income for the year of income includes the amount worked out under that formula.

 (2) For the purposes of subsection (1), the formula is:

where:

accumulated entitlement means:
 (a) the amount properly payable to the taxpayer out of the paying fund on the day immediately before the relevant day for the relevant payment; or
 (b) if the relevant payment is not the first payment from the paying fund in relation to the taxpayer to be covered by this section—the amount properly payable to the taxpayer out of the paying fund immediately after the most recent such payment.

additional contributions means so much of the payment day entitlement as represents:
 (a) either:
 (i) contributions paid by the taxpayer, or an employer of the taxpayer, on or after the relevant day for the relevant payment; or
 (ii) if the relevant payment is not the first payment from the paying fund in relation to the taxpayer to be covered by this section—contributions paid by the taxpayer, or an employer of the taxpayer, after the most recent such payment; and
 (b) either:
 (i) amounts transferred into the paying fund from another eligible non‑resident non‑complying superannuation fund on or after the relevant day for the relevant payment; or
 (ii) if the relevant payment is not the first payment from the paying fund in relation to the taxpayer to be covered by this section—amounts transferred into the paying fund from another eligible non‑resident non‑complying superannuation fund, after the most recent such payment.

payment day entitlement means the amount that is properly payable to the taxpayer out of the paying fund on the day on which the relevant payment is made, before any deduction is made from that amount.

previously exempt amounts means the sum of each of the amounts in respect of the relevant