Document ID: chunk:federal_register_of_legislation:C2023C00409:section:7b:p2
Version: federal_register_of_legislation:C2023C00409
Segment Type: section
Provision Reference: s 7B (pt 2/2)
Character Range: 15481–17579

eligible termination payment referred to in subsection (1)—whichever of the following amounts is appropriate:
 (i) if the post‑20 August 1996 period is less than 365 days—the amount (excluding any cents, cent or fraction of a cent included in that amount) worked out using the formula:

 (ii) otherwise—the amount (excluding any cents, cent or fraction of a cent included in that amount) worked out using the formula:

  where:
  ETP means:
 (a) if no part of the payment was rolled‑over—so much of the amount of the payment as is included in the member's taxable income of the year of income comprising the financial year; or
 (b) if any of the payment was rolled‑over—the sum of:
 (i) so much of the part (if any) of the payment that was not rolled‑over as is included in the member's taxable income of the year of income comprising the financial year; and
 (ii) so much of the part of the payment that was rolled‑over after 30 June 1997 as would have been included in that taxable income if that part of the payment had not been rolled‑over.
  post‑20 August 1996 period means the number of days in the period of the member's employment for which the eligible termination payment was made that occurred after 20 August 1996.
  total period means the number of days in the period of the member's employment for which the eligible termination payment was made; and
 (e) the member's surchargeable contributions for the financial year, worked out ignoring subsection 8(8) of this Act and subsection 9(9) of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997, less any amounts included in those surchargeable contributions because of subparagraph 8(2)(c)(iii); and
 (f) in respect of a financial year beginning on or after 1 July 1999—if the member is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986) who has a reportable fringe benefits total (as defined in that Act) for the year of income comprising the financial year—the reportable fringe benefits total for the year of income.