Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION (REASONABLE BENEFIT LIMITS) AMENDMENT ACT 1990 No. 61, 1990 - SECT 15

15. Section 27AA of the Principal Act is amended:

   (a)  by inserting after paragraph (1) (c) the following paragraph:

"(ca) the excessive component;";

   (b)  by omitting from paragraph (1) (d) "(ETP - C - NQ)"
(wherever occurring) and substituting "(ETP - C - NQ -
EC)";

   (c)  by inserting in paragraph (1) (d) "EC is the amount of the
excessive component;" after "NQ is the non-qualifying
component;";

   (d)  by adding at the end the following subsections:

"(3) Where:

   (a)  an ETP is made in relation to a taxpayer in a year of income;
and

   (b)  the ETP consists of or includes a payment that is an eligible
termination payment for the purposes of the Occupational
Superannuation Standards Act 1987 to which subsection 15G (1)
of that Act applies; and

   (c)  the Insurance and Superannuation Commissioner does not
make, otherwise than because of the application of subsection
15K (3) of that Act, a determination of the reasonable benefit
limits in relation to the ETP; subsection (1) applies to the taxpayer as if
paragaphs (1) (ca), (d) and (e) were replaced by the following paragraph:
'(e) the excessive component, which is the ETP reduced by the
other components.'.

"(4) Where:

   (a)  an ETP includes a non-qualifying component and an
excessive component; and

   (b)  the amount of the excessive component is greater than the
amount of the non-qualifying component; and

   (c)  subsection (3) does not apply to the ETP; the amount of the excessive
        component is to be reduced by the amount of the non-qualifying
        component.

"(5) Where:

   (a)  an ETP includes a non-qualifying component and an
excessive component; and

   (b)  the amount of the excessive component is less than or equal
to the amount of the non-qualifying component; and

   (c)  subsection (3) does not apply to the ETP; the ETP is taken not to
        include an excessive component.

"(6) For the purposes of paragraph (3) (c), the Insurance and Superannuation
Commissioner is not, merely because a determination has been revoked under
subsection 15K (5) of the Occupational Superannuation Standards Act 1987,
taken not to have made the determination.".