Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p50
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 123011–125911

an eligible non-resident
non-complying superannuation fund".
  83. Subsection 27A(1) (definition of "taxed superannuation
fund"):
Add at the end:
  "and (c) is a resident superannuation fund in relation to the
year of income in which the ETP was made;".
  84. After subsection 27A(12B):
Insert:
  "(12BA) Despite subsection (12), a payment from a
non-resident superannuation fund is not a qualifying eligible
termination payment.".
  85. Application
The amendments made by this Division apply to assessments in
respect of income of the 1994-95 year of income and each later
year of income.
    Division 14 - Pension or annuity paid from non-complying
                     superannuation fund
  86. Object
The object of this Division is to include in assessable income
pensions and annuities paid from certain non-complying
superannuation funds.
  87. Subsection 27H(1):
Omit "The assessable income", substitute "Subject to subsection
(1A), the assessable income".
  88. After subsection 27H(1):
Insert:
  "(1A) An annuity paid from a fund that is an eligible
resident non-complying superannuation fund when the payment is
made is exempt from income tax.".
  89. Subsection 27H(4) (definition of "annuity"):
Omit the definition, substitute:
  "'annuity' includes:
  (a) a superannuation pension; and
  (b) a pension or annuity paid from a fund that is an eligible
non-resident non-complying superannuation fund when the payment
is made;
but does not include an annuity that is a qualifying security
for the purposes of Division 16E;".
  90. Application
The amendments made by this Division apply to assessments in
respect of income of the 1994-95 year of income and each later
year of income.
Division 15 - Roll-over annuities bought from life assurance companies
  91. Object
The object of this Division is to require roll-over annuities
bought from life assurance companies to be in the form of
Australian policies.
  92. Subparagraph 27A(12)(c)(ii):
Omit "death of the taxpayer.", substitute "death of the
taxpayer; and".
  93. Paragraph 27A(12)(c):
Add at the end:
    "(iii) if the annuity is purchased from a life assurance
company - is an Australian policy (as defined by subsection
110(1)).".
  94. Application
The amendments made by this Division apply in relation to
amounts paid to a life assurance company on or after 1 July 1994.
Division 16 - Amounts paid by Part IX entities that are subject
                    to tax under Part XI
  95. Object
The object of this Division is to exempt from tax amounts paid
by Part IX entities that are subject to tax under Part XI.
  96. Subparagraph 23AK(1)(a)(i):
Omit "or (g)", substitute ", (g) or (h)".
  97. Subsection 23AK(1):
Add at the end:
    "(i) if the payment is of a kind referred to in paragraph
603(1)(h) - the payment is exempt from tax to the extent of the
debit.".
  98. Subsection 603(1):
Add at the end:
  "(h) an amount that is