Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p46
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 112369–115361

termination payment', in
relation to a taxpayer, means:
  (a) a payment made in respect of the taxpayer to which the
following subparagraphs apply:
    (i) the payment is made otherwise than from a
superannuation fund (as defined by subsection 6(1)) in
consequence of the termination of the taxpayer's employment;
    (ii) the payment would, apart from paragraphs (ka) and (ma)
of the definition of 'eligible termination payment', be an
eligible termination  payment;
    (iii) the employment was service in a foreign country as a
holder of an office or in the capacity of an employee;
    (iv) the payment related solely to a period of the
employment during which the taxpayer was not a resident of
Australia; or
  (b) a payment made in respect of the taxpayer to which the
following subparagraphs apply:
    (i) the payment is made from an eligible non-resident
non-complying superannuation fund within 6 months after the
taxpayer became a resident of Australia;
    (ii) had the fund been a superannuation fund, the payment
would, apart from paragraphs (ka) and (ma) of the definition of
'eligible termination payment' in subsection 27A(1), have been
an eligible termination payment;
    (iii) the period to which the payment relates does not
include any period other than a period in which the taxpayer
was a non-resident or a period between the time when the
taxpayer became a resident and the time when the taxpayer
received the payment;
    (iv) the benefit does not exceed the amount that was
properly payable out of the fund to the taxpayer at the time
when the payment was made;
  'foreign earnings' has the same meaning as in section 23AG;
  'qualifying service' has the same meaning as in section
23AF;".
  65. Subsection 27A(3):
Omit "definition of 'eligible termination payment"', substitute
"definitions of 'eligible termination payment', 'exempt
resident foreign termination payment' and 'exempt non-resident
foreign termination payment"'.
  66. After section 27CC:
Insert:
Exemption from tax-exempt resident foreign termination payment
  "27CD. If an exempt resident foreign termination payment or
an exempt non-resident foreign termination payment is made in
relation to a taxpayer, the taxpayer's assessable income does
not include that payment.".
  67. Application
The amendments made by this Division apply in relation to
payments made on or after 1 July 1994.
       Division 11 - Lump sum payments made from resident
              non-complying superannuation funds
  68. Object
The object of this Division is to provide for a tax exemption
for certain lump sum payments made from resident non-complying
superannuation funds.
  69. Subsection 27A(1):
Insert:
  "'eligible resident non-complying superannuation fund', at a
particular time (the 'relevant time'), means a fund:
  (a) that:
    (i) is a continuously non-complying superannuation fund
(as defined by subsection 267(1)) at the relevant time; or
    (ii) is a non-complying superannuation fund at the relevant