Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p44
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 107064–109981

lump sum payments made in consequence of the
termination of an overseas project or overseas employment.
  56. Paragraph 23AF(17)(a):
Add at the end "or".
  57. After paragraph 23AF(17)(a):
Insert:
  "(aa) the income is a payment, consideration or amount that:
    (i) is included in assessable income under Subdivision AA
of Division 2; or
    (ii) is excluded from the definition of 'eligible
termination payment' in subsection 27A(1) because of paragraph
        (ja), (k), (ka), (m), (ma), (n) or (p) of that definition; or".
  58. Subsection 23AF(17A) (definition of "notional gross
tax"):
Insert after paragraph (a):
  "(aa) if the exempt amount is an exempt resident foreign
termination payment (within the meaning of Subdivision AA of
Division 2) -  the exempt amount (excluding any part of that
amount that represented contributions made by the taxpayer)
were assessable income of the taxpayer; and".
  59. After subsection 23AF(17B):
Insert:
  "(17C) Subsection (17A) applies to a taxpayer in respect of
income of a year of income as if any exempt resident foreign
termination payment (within the meaning of Subdivision AA of
Division 2) that related to the termination of qualifying
service (within the meaning of that Division) that was made in
respect of the taxpayer during that year of income were income
of the taxpayer of that year of income that is exempt from tax
under this section.".
  60. Subsection 23AG(3) (definition of "notional gross tax"):
Insert after paragraph (a):
  "(aa) if the exempt amount is an exempt resident foreign
termination payment (within the meaning of Subdivision AA of
Division 2) -  the exempt amount (excluding any part of that
amount that represented contributions made by the taxpayer)
were assessable income of the taxpayer; and".
  61. After subsection 23AG(4):
Insert:
  "(5) Subsection (3) applies to a taxpayer in respect of
income of a year of income as if any exempt resident foreign
termination payment (within the meaning of Subdivision AA of
Division 2) that related to the termination of employment that
was made in respect of the taxpayer during that year of income
were income of the taxpayer of that year of income that is
exempt from tax under this section.".
  62. Subsection 23AG(7) (definition of "foreign earnings"):
Add at the end:
  "but does not include any payment, consideration or amount
that:
  (a) is included in assessable income under Subdivision AA of
Division 2; or
  (b) is excluded from the definition of 'eligible termination
payment' in subsection 27A(1) because of paragraph (ja), (k),
        (ka), (m), (ma), (n) or (p) of that definition;".
  63. Subsection 27A(1) (definition of "eligible termination
payment"):
Insert after paragraph (k):
  "(ka) an exempt resident foreign termination payment or an
exempt non-resident foreign termination payment;".
  64. Subsection 27A(1):
Insert:
  "'approved project' has the same meaning