Commonwealth Consolidated Acts Commonwealth Consolidated Acts1 Point 1068B - D24
Omit "70%", substitute "60%".
2 Point 1068B - D30
Omit "$183", substitute "$188".
3 Point 1068B - D31
Omit "70%", substitute "60%".
4 Point 1068B - D31
Omit "$183", substitute "$188".
Part 2 -- Income maintenance periods
5 Point 1068A - E2
Omit "leave" (wherever occurring), substitute "termination".
Note: The heading to point 1068A - E2 is altered by omitting " leave ".
6 Paragraph ( b) of point 1068A - E4
Omit "leave", substitute "termination".
Note: The heading to point 1068A - E4 is replaced by the heading " Certain termination payments taken to be ordinary income ".
7 Point 1068A - E4
Omit "leave" (last occurring).
8 Paragraph ( b) of point 1068A - E5
Omit "leave", substitute "termination".
Note: The heading to point 1068A - E5 is altered by omitting " leave " and substituting " termination ".
9 Point 1068A - E5
Omit "leave" (last occurring).
10 Point 1068A - E7
Omit "leave", substitute "termination".
11 Point 1068A - E8
Omit "leave" (wherever occurring), substitute "termination".
Note: The heading to point 1068A - E8 is altered by omitting " leave payment--employment terminated " and substituting " termination payment ".
12 Point 1068A - E10
After "leave payment", insert "or termination payment".
Note: The heading to point 1068A - E10 is altered by inserting " or a termination payment " after " leave payment ".
13 Point 1068A - E11
Omit "leave" (first occurring), substitute "termination payments".
Note: The heading to point 1068A - E11 is altered by omitting " leave--employment terminated " and substituting " termination payments ".
14 Point 1068A - E11
Omit "leave" (second occurring), substitute "termination payment".
15 Point 1068A - E11
Omit "leave" (last occurring).
16 Point 1068A - E12
Insert:
"period to which the payment relates" means:
(a) if the payment is a leave payment--the leave period to which the payment relates; or
(b) if the payment is a redundancy payment and is calculated as an amount equivalent to an amount of ordinary income that the person would (but for the redundancy) have received from the employment that was terminated--the period for which the person would have received that amount of ordinary income; or
(c) if the payment is a redundancy payment and paragraph ( b) does not apply--the period of weeks (rounded down to the nearest whole number) in respect of which the person would have received ordinary income, from the employment that was terminated, of an amount equal to the amount of the redundancy payment if:
(i) the person's employment had continued; and
(ii) the person received ordinary income from the employment at the rate per week at which the person usually received ordinary income from the employment prior to the termination.
17 Point 1068A - E12
Insert:
"redundancy payment" does not include a qualifying eligible termination payment within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 .
18 Point 1068A - E12 (definition of roll - over )
After "leave payment", insert "or lump sum redundancy payment".
19 Point 1068A - E12
Insert:
"termination payment" means:
(a) a leave payment relating to a person's employment that has been terminated; or
(b) a redundancy payment.
20 Point 1068B - D8
Omit "leave" (wherever occurring), substitute "termination".
Note: The heading to point 1068B - D8 is altered by omitting " leave ".
21 Paragraph ( b) of point 1068B - D10
Omit "leave", substitute "termination".
Note: The heading to point 1068B - D10 is replaced by the heading " Certain termination payments taken to be ordinary income ".
22 Point 1068B - D10
Omit "leave" (last occurring).
23 Paragraph ( b) of point 1068B - D11
Omit "leave", substitute "termination".
Note: The heading to point 1068B - D11 is altered by omitting " leave " and substituting " termination ".
24 Point 1068B - D11
Omit "leave" (last occurring).
25 Point 1068B - D13
Omit "leave", substitute "termination".
26 Point 1068B - D14
Omit "leave" (wherever occurring), substitute "termination".
Note: The heading to point 1068B - D14 is altered by omitting " leave payment--employment terminated " and substituting " termination payment ".
27 Point 1068B - D16
After "leave payment", insert "or termination payment".
Note: The heading to point 1068B - D16 is altered by inserting " or a termination payment " after " leave payment ".
28 Point 1068B - D17
Omit "leave" (first occurring), substitute "termination payments".
Note: The heading to point 1068B - D17 is altered by omitting " leave--employment terminated " and substituting " termination payments ".
29 Point 1068B - D17
Omit "leave" (second occurring), substitute "termination payment".
30 Point 1068B - D17
Omit "leave" (last occurring).
31 Point 1068B - D18
Insert:
"period to which the payment relates" means:
(a) if the payment is a leave payment--the leave period to which the payment relates; or
(b) if the payment is a redundancy payment and is calculated as an amount equivalent to an amount of ordinary income that the person would (but for the redundancy) have received from the employment that was terminated--the period for which the person would have received that amount of ordinary income; or
(c) if the payment is a redundancy payment and paragraph ( b) does not apply--the period of weeks (rounded down to the nearest whole number) in respect of which the person would have received ordinary income, from the employment that was terminated, of an amount equal to the amount of the redundancy payment if:
(i) the person's employment had continued; and
(ii) the person received ordinary income from the employment at the rate per week at which the person usually received ordinary income from the employment prior to the termination.
32 Point 1068B - D18
Insert:
"redundancy payment" does not include a qualifying eligible termination payment within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 .
33 Point 1068B - D18 (definition of roll - over )
After "leave payment", insert "or lump sum redundancy payment".
34 Point 1068B - D18
Insert:
"termination payment" means:
(a) a leave payment relating to a person's employment that has been terminated; or
(b) a redundancy payment.
Note: The heading to point 1068B - D7 is replaced by the heading " Lump sum payments arising from termination of employment ".
35 Application provision
The amendments made by this Part apply in relation to termination payments to which a person becomes entitled, or that a person receives, on or after 20 September 2006.