Commonwealth Numbered Acts

TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) ACT 2016 (NO. 81, 2016) - SCHEDULE 9

Part 1 -- Amendments

Income Tax Assessment Act 1997

1  Section 12-5 (table item headed "superannuation and related business")

Omit:

2  Group heading (before section 295-485)

Repeal the heading.

3  Sections 295-485 and 320-107

Repeal the sections.

Income Tax (Transitional Provisions) Act 1997

4  Sections 295-485A and 295-485

Repeal the sections.

Part 2 -- Application

5  Application

The amendments made by this Schedule apply in relation to a lump sum that is:

                     (a)  paid because of the death of a person that occurred on or after 1 July 2017; or

                     (b)  paid on or after 1 July 2019.

Note:       For paragraph (b), it does not matter when the person, in relation to whom the lump sum is payable, died.