Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p48
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 117694–120629

from tax contributions included in, such lump sum
payments.
  74. Subsection 6AB(1):
  (a) Insert "(including eligible termination payments as
defined in subsection 27A(1))" before "derived".
  (b) Insert: "27CAA," before "102AAZD".
  75. Subsection 27A(1):
Insert:
  "'eligible non-resident non-complying superannuation fund'
means a non-resident superannuation fund that:
  (a) is a continuously non-complying superannuation fund (as
defined in subsection 267(1)); or
  (b) is a non-complying superannuation fund that ceased, or
last ceased, to be a complying superannuation fund on or after
1 July 1995;".
  76. After section 27C:
Insert:
Assessable income to include component of lump sum payment from
an eligible non-resident non-complying superannuation fund
  "27CAA. (1) If:
  (a) a payment (the 'relevant payment') of a lump sum
(including a payment made as a result of the commutation of a
superannuation pension or of an annuity but not including an
'exempt resident foreign termination payment' or an 'exempt
non-resident foreign termination payment') is made from a fund
that is an eligible non-resident non-complying superannuation
fund in relation to a taxpayer when the relevant payment is
made; and
  (b) had the fund been a superannuation fund, the relevant
payment would, apart from paragraph (ma) of the definition of
'eligible termination payment' in subsection 27A(1), have been
an eligible termination payment; and
  (c) the amount (the 'gross amount') that was properly payable
on the day on which the relevant payment was made before any
deduction was made from that amount exceeds the amount worked
out using the formula:
    Accumulated entitlement  plus  Additional contributions;
then the taxpayer's assessable income of the year of income in
which the relevant payment is made includes the amount of the
excess.
  "(2) For the purposes of the formula in subsection (1):
  'Accumulated entitlement' means the amount properly payable
to the taxpayer out of the fund on the day immediately before
the relevant day;
  'Additional contributions' means so much (if any) of the
gross amount as represented contributions paid by the taxpayer,
or an employer of the taxpayer, on or after the relevant day;
  'relevant day' means the day on which the taxpayer became a
member of the fund or the first day during the period to which
the relevant payment relates on which the taxpayer became a
resident of Australia, whichever is the later.
  "(3) Subsection 27A(3) applies for the purposes of this
section in a corresponding way to the way in which it applies
for the purposes of the definition of "eligible termination
payment" in subsection 27A(1).".
  77. After subsection 160AF(5):
Insert:
  "(6) If:
  (a) a payment is made from a superannuation fund in respect
of a taxpayer; and
  (b) an amount (the 'assessable component') is included in the
taxpayer's assessable income under section 27CAA in respect of
the