Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p49
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 120378–123276

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 payment; and
  (c) the taxpayer has paid foreign tax in respect of the
assessable component for which the taxpayer was personally
liable;
then, for the purposes of subsection (1), the amount of that
foreign tax is taken to be the amount worked out using the
formula:
    Actual foreign tax   x   Assessable component
                             Gross amount of payment
where:
  'Actual foreign tax' means the amount of the foreign tax
actually paid by the taxpayer in respect of the payment
referred to in paragraph (a);
  'Assessable component' means the assessable component;
  'Gross amount of payment' means the amount of the payment
referred to in paragraph (a) that was due to be made before any
deduction was made from that amount.".
  78. After paragraph 160AF(7)(b):
Insert:
  "(ba) an amount included in assessable income under section
27CAA;".
  79. Subsection 274(10):
At the end of the subsection add:
  "(c) a transfer of an amount from an eligible non-resident
non-complying superannuation fund to a resident superannuation
fund other than so much of the amount as was properly payable
out of the first-mentioned fund to a member of that fund on the
day on which the transfer took place.".
  80. Application
The amendments made by this Division apply to assessments in
respect of income of the 1994-95 year of income and each later
year of income.
  Division 13 - To make certain amendments to Subdivision AA of
  Division 2 of Part III in consequence of the amendments made
                    by Divisions 11 and 12
  81. Objects
The objects of this Division are:
  (a) to exclude eligible resident non-complying superannuation
funds and eligible non-resident non-complying superannuation
funds from the operation of Subdivision AA of Division 2 of
Part III; and
  (b) to ensure that payments from a non-resident
superannuation fund that is not an eligible non-resident
non-complying superannuation fund are treated as eligible
termination payments made from an untaxed source.
  82. Subsection 27A(1) (definition of "superannuation fund"):
  (a) Omit subparagraph (ia) of paragraph (a), substitute:
    "(ia) a fund that is or has been a non-resident
superannuation fund in relation to any year of income;".
  (b) Add at the end (but not as part of paragraph (b) of the
definition) "but does not include an eligible resident
non-complying superannuation fund or an eligible non-resident
non-complying superannuation fund".
  83. Subsection 27A(1) (definition of "taxed superannuation
fund"):
Add at the end:
  "and (c) is a resident superannuation fund in relation to the
year of income in which the ETP was made;".
  84. After