Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:9_27caa:p2
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 9 cl 27CAA (pt 2/2)
Character Range: 170501–172423

taxpayer out of the paying fund on the day on which the relevant payment is made, before any deduction is made from that amount.

previously exempt amounts means the sum of each of the amounts in respect of the relevant payment worked out under section 27CAB.

relevant day, for a relevant payment, means the later of:
 (a) the day on which the taxpayer became a member of the paying fund; and
 (b) the first day during the period to which the relevant payment relates on which the taxpayer became a resident of Australia.

resident days means the total number of days on which the taxpayer is a resident of Australia in the period from and including the relevant day for the relevant payment, up to and including the day on which the payment was made.

total days means the total number of days in the period from and including the relevant day for the relevant payment, up to and including the day on which the payment was made.

 (3) If:
 (a) the relevant payment is paid to a complying superannuation fund; and
 (b) immediately after it is paid, the taxpayer no longer has an interest in the paying fund;
the taxpayer may elect that the whole or a part of the amount worked out under the formula in subsection (2) (but not exceeding the amount of the relevant payment) is to be treated as a taxable contribution by the complying superannuation fund.

 (4) If the taxpayer makes an election under subsection (3), then the amount included in the taxpayer's assessable income under subsection (1) is reduced by the amount covered by the election.

 (5) An election under subsection (3):
 (a) must be in writing; and
 (b) must comply with any requirements specified in the regulations.

 (6) Subject to paragraph (1)(c), 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).