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1995 No. 383 INCOME TAX REGULATIONS (AMENDMENT) - REG 2

2. Regulation 83 (Rate of deductions-rebatable ETP annuities and rebatable superannuation pensions)
2.1 Paragraph 83 (d): Omit the formula, substitute:
      (    Amount             Deductible )           ( rebatable)

      (of the rebatable      27H amount  )  s.159SS  ( proportion)

15% X (superannuation   -     Number     )- amount   ( of rebatable)

      (   pension           of instalments)          (superannuation)

                             of rebatable )          (  pension)

superannuation pension)

2.2 Paragraph 83 (e): Omit the formula, substitute:
     (      Amount            Deductible )

     (of the rebatable        27H amount )       rebatable proportion

15% X(      ETP          -      Number   )    X        of annuity

     (    annuity          of instalments)

of annuity )

2.3 Definition of "Final percentage": Omit the definition.

2.4 Insert the following definitions:

"'rebatable proportion of annuity' is:

   (a)  if a proportion of the rebatable ETP annuity is specified by the
        employee under subregulation (2)-that proportion; or

   (b)  in any other case-1.

"'rebatable proportion of rebatable superannuation pension' is:

   (a)  if a proportion of the rebatable superannuation pension is specified
        by the employee under subregulation (3)-that proportion; or

   (b)  in any other case-1.".

2.5 Add at the end:

"(2) For the purposes of paragraph (a) of the definition of 'rebatable
proportion of annuity' in subregulation (1), the employee may specify a
proportion (being less than 1) of the rebatable ETP annuity in respect of a
year of income by notice in writing to the employer.

"(3) For the purposes of paragraph (a) of the definition of 'rebatable
proportion of rebatable superannuation pension' in subregulation (1), the
employee may specify a proportion (being less than 1) of the rebatable
superannuation pension in respect of a year of income by notice in writing to
the employer.". 


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