Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p7
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 7/7)
Character Range: 262562–264436

by the tax free components (worked out under subsection (2)) of any benefits paid from the superannuation income stream after 30 June 2007;
 (c) next, work out the pre‑July 83 component (within the meaning of section 27A of the Income Tax Assessment Act 1936 just before the commencement of this item) of the eligible termination payment.
The tax free component is equal to the sum of the amounts worked out under paragraphs (b) and (c).

 (7) For the purposes of paragraph (6)(c), disregard the *value of the interest to the extent that it would consist, apart from this subsection, of the element untaxed in the fund of the taxable component of a superannuation benefit constituted by the eligible termination payment.

Commutation of superannuation income stream

 (8) If the superannuation income stream has been wholly or partially commuted as mentioned in paragraph (3)(a), treat the applicable time for the purposes of subsection 307‑125(3) of the Income Tax Assessment Act 1997 in relation to a superannuation benefit arising from the commutation as:
 (a) the time just before the commutation; or
 (b) if 1 or more other events mentioned in subsection (3) happened before the commutation—the time just before the earliest of those events happens.

307‑345  Low rate component—Effect of rebate under the Income Tax Assessment Act 1936

  If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936, your low rate cap amount for the 2007‑2008 income year is, despite subsection 307‑345(1), the total of:
 (a) your closing balance for the 2006‑2007 income year (worked out under subsection 159SF(2) of that Act); and
 (b) the amount by which $140,000 exceeds the upper limit for the 2006‑2007 income year (worked out under section 159SG of that Act).

Part 4—TFN consequentials for Division 295

Income Tax Assessment Act 1936