Document ID: chunk:federal_register_of_legislation:C2025C00014:section:27h:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 27H (pt 2/4)
Character Range: 264481–267166

extent to which, in the opinion of the actuary or actuaries, the amount of the annuity derived by the taxpayer during the year of income represents the undeducted purchase price; and
 (e) such other matters as the Commissioner considers relevant.
 (3A) For the purposes of this section, where the annuity derived by a taxpayer during a year of income is part of an annuity of which a part has been commuted in the year of income or a preceding year of income, the deductible amount ascertained under subsection (2) or (3) shall be reduced by such amount as, in the opinion of the Commissioner, is appropriate having regard to:
 (c) any deductible amount ascertained under this section in relation to the annuity in relation to a preceding year of income; and
 (d) such other matters as the Commissioner considers relevant.
 (4) In this section:
actuary means a Fellow or Accredited Member of the Institute of Actuaries of Australia.
agreement means any agreement, arrangement or understanding whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings.
annuity means an annuity, a pension paid from a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997) or a pension paid from a scheme mentioned in paragraph 290‑5(c) of that Act, but does not include:
 (a) an annuity that is a qualifying security for the purposes of Division 16E; or
 (b) a superannuation income stream (within the meaning of the Income Tax Assessment Act 1997).
life expectation factor, in relation to a person in relation to an annuity, means the number of years in the complete expectation of life of the person as ascertained by reference to the prescribed Life Tables at the time at the beginning of the period to which the first payment of the annuity relates.
purchase price means:
 (a) in relation to a pension—the sum of:
 (i) contributions made by any person to a foreign superannuation fund to obtain the pension; and
 (ii) so much as the Commissioner considers reasonable of contributions made by any person to a foreign superannuation fund to obtain superannuation benefits including the pension; and
 (b) in relation to an annuity other than a pension—the sum of:
 (i) payments made solely to purchase the annuity; and
 (ii) so much as the Commissioner considers reasonable of payments made to purchase the annuity and to obtain other benefits.
relevant number, in relation to an annuity in relation to a year of income, means:
 (a) where the annuity is payable for a term of years certain—the number of years in the term;
 (b) where the annuity is payable during the lifetime of a person