Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 307.225

  (1)   To work out the crystallised segment of a * superannuation interest, first assume that:

  (a)   an eligible termination payment had been made in respect of the holder of the interest just before 1   July 2007; and

  (b)   the amount of the eligible termination payment had been equal to the * value of the interest at that time.

  (2)   The crystallised segment of the * superannuation interest is the total amount of the following components of the eligible termination payment:

  (a)   the concessional component;

  (b)   the post - June 1994 invalidity component;

  (c)   the undeducted contributions;

  (d)   the CGT exempt component;

  (e)   the pre - July 83 component.

This section has effect subject to subsection   307 - 210(2).

Note:   This segment may be reduced if a superannuation benefit is paid from the superannuation interest: see subsection   307 - 210(2).

  (3)   For the purposes of paragraph   (2)(e), disregard the * value of the interest just before 1   July 2007 to the extent that it would consist, apart from this subsection, of the * element untaxed in the fund of the * taxable component of a * superannuation benefit constituted by the eligible termination payment.

  (4)   In this section, the following terms have the same meaning as in subsection   27A(1) of the Income Tax Assessment Act 1936 (as in force just before 1   July 2007):

  (a)   concessional component ;

  (b)   post - June 1994 invalidity component ;

  (c)   undeducted contributions ;

  (d)   CGT exempt component ;

  (e)   pre - July 83 component ;

  (f)   eligible termination payment .