Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 54

54. Section 221A of the Principal Act is amended-

(a) by inserting after the definition of ''deduction'' in sub-section (1) the
following definition:

'' 'eligible termination payment' means a payment that is an eligible
termination payment within the meaning of Subdivision AA of Division 2 of Part
III in relation to the person who receives, or is entitled to receive, the
payment;'';

(b) by inserting '', eligible termination payments'' after ''this
definition'' in the definition of ''salary or wages'' in sub-section (1);

   (c)  by omitting from paragraph (2) (c) ''and''; and

   (d)  by adding at the end of sub-section (2) the following word and
        paragraph:

''; and (e) no part of an eligible termination payment shall be taken to be
exempt income.''.