Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:2_3:p6
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 2 cl 3 (pt 6/6)
Character Range: 328530–330501

(or directions) in the form.

82‑10G  Directed termination payments not assessable income and not exempt income

  A directed termination payment made on your behalf, that you are taken to receive under section 80‑20 of the Income Tax Assessment Act 1997, is not assessable income and is not exempt income.

Note 1: Directed termination payments are paid into a complying superannuation plan (or to purchase a superannuation annuity) on your behalf: see section 82‑10F.

Note 2: The taxable component of the payment is included in the assessable income of the entity receiving the payment: see section 295‑190 of the Income Tax Assessment Act 1997.

Note 3: In addition, income tax may be payable on a benefit you later receive from the plan to which the directed termination payment is made: see Divisions 301‑307 of the Income Tax Assessment Act 1997.

Subdivision 82‑E—Pre‑10 May 2006 entitlements and employment termination payments made after 1 July 2012

Table of sections

82‑10H Transitional termination payments may reduce ETP cap amount for payments under section 82‑10 after 1 July 2012

82‑10H  Transitional termination payments may reduce ETP cap amount for payments under section 82‑10 after 1 July 2012

 (1) This section deals with the application of paragraph 82‑10(4)(b) of the Income Tax Assessment Act 1997 to an income year beginning on or after 1 July 2012.

 (2) For the purposes of that paragraph, the ETP cap amount is taken to be further reduced (but not below zero) by the amount mentioned in subsection (3) (the concessional amount) of any transitional termination payment made in consequence of the same employment termination as the employment termination to which the paragraph applies.

 (3) The concessional amount of a transitional termination payment is the part (if any) of the taxable component of the payment for which you are entitled to a tax offset under section 82‑10A or 82‑10C of this Act.

Taxation Administration Act 1953