Document ID: chunk:federal_register_of_legislation:C2016C00475:clause:1_248
Version: federal_register_of_legislation:C2016C00475
Segment Type: clause
Provision Reference: sch 1 cl 248
Character Range: 75533–75997

248  After subsection 713‑555(3)
Insert:
 (3A) For the purposes of subsection (3), work out the reduced purchase price of the *annuity as follows:
 (a) first, work out the purchase price (within the meaning of section 27H of the Income Tax Assessment Act 1936) of the annuity;
 (b) next, reduce that purchase price by the total of the amounts excluded from assessable income under paragraph 27H(1)(a) of that Act as deductible amounts in relation to the annuity.