Commonwealth Consolidated Acts

TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) ACT 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 .