Commonwealth: Superannuation Legislation Amendment (Simplification) Act 2007 (Cth)

Superannuation Legislation Amendment (Simplification) Act 2007 No. 15, 2007 Compilation No. 3 Compilation date: 5 March 2016 Includes amendments up to: Act No. 126, 2015 Registered: 17 May 2016 About this compilation This compilation This is a compilation of the Superannuation Legislation Amendment (Simplification) Act 2007 that shows the text of the law as amended and in force on 5 March 2016 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Schedule(s) 4 Repeals disregarded for the purposes of dependent provisions Schedule 1—Consequential amendments etc. Part 1—Main consequential repeals Income Tax Assessment Act 1936 Part 2—Other consequential amendments etc. A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 Family Law Act 1975 Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Parliamentary Superannuation Act 2004 Pooled Development Funds Act 1992 Remuneration and Allowances Act 1990 Retirement Savings Accounts Act 1997 Seafarers Rehabilitation and Compensation Act 1992 Small Superannuation Accounts Act 1995 Social Security Act 1991 Superannuation Contributions Tax (Assessment and Collection) Act 1997 Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 Superannuation Guarantee (Administration) Act 1992 Superannuation Industry (Supervision) Act 1993 Superannuation (Productivity Benefit) Act 1988 Taxation Administration Act 1953 Taxation (Interest on Overpayments and Early Payments) Act 1983 Veterans' Entitlements Act 1986 Part 3—Repeal of entire Act Income Tax (Superannuation Payments Withholding Tax) Act 2002 Part 4—Application Schedule 2—Small business relief for CGT events Income Tax Assessment Act 1997 Schedule 3—Other amendments Bankruptcy Act 1966 Child Support (Registration and Collection) Act 1988 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Superannuation Guarantee (Administration) Act 1992 Superannuation Industry (Supervision) Act 1993 Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 Superannuation (Unclaimed Money and Lost Members) Act 1999 Taxation Administration Act 1953 Schedule 4—Technical corrections Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Taxation Administration Act 1953 Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to amend the law relating to taxation, superannuation, social security and veterans' entitlements, and for related purposes 1 Short title This Act may be cited as the Superannuation Legislation Amendment (Simplification) Act 2007. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 15 March 2007 2. Schedule 1 Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007. 15 March 2007 3. Schedule 2 The later of: 12 April 2007 (a) at the same time as the provision(s) covered by table item 1; and (paragraph (b) applies) (b) immediately after the commencement of the Tax Laws Amendment (2006 Measures No. 7) Act 2007. 4. Schedule 3 item 1 The later of: 1 July 2007 (a) 1 July 2007; and (paragraph (a) applies) (b) immediately after the start of the day on which the Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007 receives the Royal Assent. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. 5. Schedule 3 items 2 and 3 1 July 2007. 1 July 2007 6. Schedule 3 items 4 to 51 At the same time as the provision(s) covered by table item 1. 15 March 2007 7. Schedule 3 items 52 and 53 The day on which this Act receives the Royal Assent. 15 March 2007 7. Schedule 3 item 54 1 July 2007. 1 July 2007 8. Schedule 3 items 55 to 66 At the same time as the provision(s) covered by table item 1. 15 March 2007 9. Schedule 4, items 1 to 9 At the same time as the provision(s) covered by table item 1. 15 March 2007 10. Schedule 4, item 10 The later of: 12 April 2007 (a) immediately after the commencement of item 2 of Schedule 7 to the Tax Laws Amendment (2006 Measures No. 7) Act 2007; and (paragraph (a) applies) (b) immediately after the commencement of item 25 of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007. 11. Schedule 4, item 11 At the same time as the provision(s) covered by table item 1. 15 March 2007 12. Schedule 4, item 12 At the same time as item 14 in Schedule 4 to the Tax Laws Amendment (Simplified Superannuation) Act 2007. 15 March 2007 Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. 4 Repeals disregarded for the purposes of dependent provisions If the operation of a provision (the subject provision) of any Act or legislative instrument made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision. Schedule 1—Consequential amendments etc. Part 1—Main consequential repeals Income Tax Assessment Act 1936 1 Section 6E Repeal the section. 2 Sections 26AC, 26AD and 26AFB Repeal the sections. 3 Sections 27A, 27AAAA, 27AAA, 27AAB, 27AA, 27AB, 27AC, 27ACA, 27ACB, 27B, 27C, 27CAA, 27CAB, 27CA, 27CB, 27CC, 27CD, 27CE, 27D, 27E, 27F, 27G and 27GA Repeal the sections. 4 Sections 27HA and 27J Repeal the sections. 5 Subdivisions AA and AB of Division 3 of Part III Repeal the Subdivisions. 6 Division 14 of Part III Repeal the Division. 7 Subdivisions AAA, AAB and AACA of Division 17 of Part III Repeal the Subdivisions. 8 Part IX Repeal the Part. Part 2—Other consequential amendments etc. A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 9 Subsection 9(2) Repeal the subsection, substitute: (2) However, if a person is entitled to a tax offset under subsection 301‑20(2) of the Income Tax Assessment Act 1997 for a year of income, the person's taxable income for the year of income is the amount worked out under subsection (1), reduced by the amount mentioned in subsection 301‑20(3) of that Act for the person for the year. Family Law Act 1975 10 Section 90ACA Repeal the section, substitute: 90ACA This Part not to apply to certain annuities The powers of the court under this Part do not apply to superannuation annuities (within the meaning of the Income Tax Assessment Act 1997). 11 Section 90MD (definition of eligible annuity) Repeal the definition. 12 Section 90MD (paragraph (e) of the definition of eligible superannuation plan) Repeal the paragraph, substitute: (e) a superannuation annuity (within the meaning of the Income Tax Assessment Act 1997). 13 Subsection 90MQ(1) Omit "the ETP threshold", substitute "the member spouse's low rate cap amount for the income year in which the declaration time occurs". Note: The heading to section 90MQ is altered by omitting "ETP threshold" and substituting "low rate cap amount". 14 Subsection 90MQ(3) (definition of ETP threshold) Repeal the definition. 15 Subsection 90MQ(3) Insert: low rate cap amount has the meaning given by the Income Tax Assessment Act 1997 (disregarding subsection 307‑345(2) of that Act and section 307‑345 of the Income Tax (Transitional Provisions) Act 1997). 16 Subsection 90MZ(3) Omit "within the meaning of section 267 of the Income Tax Assessment Act 1936", substitute "(within the meaning of the Income Tax Assessment Act 1997)". Fringe Benefits Tax Assessment Act 1986 17 Subparagraph 58PB(4)(c)(v) Omit "an eligible termination payment (within the meaning of section 27A of the Income Tax Assessment Act 1936)", substitute "an employment termination payment (within the meaning of the Income Tax Assessment Act 1997)". 18 Subsection 136(1) (subparagraph (j)(i) of the definition of fringe benefit) Omit "(as defined by subsection 6(1) of the Income Tax Assessment Act 1936) that the person making the contribution had reasonable grounds for believing was a complying superannuation fund (as defined by subsection 267(1) of the Income Tax Assessment Act 1936)", substitute "(as defined by the Income Tax Assessment Act 1997) that the person making the contribution had reasonable grounds for believing was a complying superannuation fund (as defined by that Act)". 19 Subsection 136(1) (subparagraph (j)(ii) of the definition of fringe benefit) Omit "non‑resident superannuation fund (within the meaning of section 6E of the Income Tax Assessment Act 1936)", substitute "foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997)". 20 Subsection 136(1) (paragraphs (k), (ka) and (kb) of the definition of fringe benefit) Repeal the paragraphs, substitute: (k) a superannuation benefit (within the meaning of the Income Tax Assessment Act 1997); or (l) a payment covered by section 26AF or 26AFA of the Income Tax Assessment Act 1936; or (la) an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997); or (lb) a genuine redundancy payment (within the meaning of the Income Tax Assessment Act 1997); or (lc) an employment termination payment (within the meaning of the Income Tax Assessment Act 1997); or (ld) a payment that would be an employment termination payment (within the meaning of the Income Tax Assessment Act 1997) apart from paragraph 82‑130(1)(b) of that Act; or (le) any of the following payments, if they would be employment termination payments (within the meaning of the Income Tax Assessment Act 1997) apart from paragraph 82‑130(1)(b) and section 82‑135 of that Act: (i) an unused annual leave payment (within the meaning of that Act); (ii) an unused long service leave payment (within the meaning of that Act); (iii) a payment covered by Subdivision 83‑D (Foreign termination payments) of that Act; (iv) a payment covered by paragraph 82‑135(g) of that Act; (v) a payment of an annuity, or a supplement, covered by section 27H of the Income Tax Assessment Act 1936; or 21 Subsection 136AB(1) Omit "subsection 267(1) of the Income Tax Assessment Act 1936", substitute "the Income Tax Assessment Act 1997". Income Tax Assessment Act 1936 22 Subsection 6(1) (paragraph (d) of the definition of assessment) Omit "a fund or unit trust referred to in paragraph (a), (b) or (c) of the definition of eligible entity in subsection 267(1)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 23 Subsection 6(1) Insert: Australian superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 24 Subsection 6(1) Insert: complying approved deposit fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 25 Subsection 6(1) Insert: complying superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 26 Subsection 6(1) Insert: employment termination payment has the same meaning as in the Income Tax Assessment Act 1997. 27 Subsection 6(1) (definition of foreign superannuation fund) Repeal the definition, substitute: foreign superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 28 Subsection 6(1) (paragraphs (d), (e) and (f) of the definition of full self‑assessment taxpayer) Repeal the paragraphs, substitute: (d) the trustee of a complying approved deposit fund or a non‑complying approved deposit fund in relation to the current year; (e) the trustee of a complying superannuation fund or a non‑complying superannuation fund in relation to the current year; (f) the trustee of a pooled superannuation trust in relation to the current year. 29 Subsection 6(1) Insert: non‑complying approved deposit fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 30 Subsection 6(1) Insert: non‑complying superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 31 Subsection 6(1) (definition of non‑resident superannuation fund) Repeal the definition. 32 Subsection 6(1) Insert: pooled superannuation trust has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 33 Subsection 6(1) (definition of resident superannuation fund) Repeal the definition. 34 Subsection 6(1) Insert: superannuation fund for foreign residents has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 35 Subsection 6(1) Insert: superannuation lump sum has the same meaning as in the Income Tax Assessment Act 1997. 36 Subsection 6(1) (definition of withholding tax) Repeal the definition, substitute: withholding tax has the same meaning as in the Income Tax Assessment Act 1997. 37 Subsection 6AB(1) Omit "eligible termination payments as defined in subsection 27A(1)", substitute "superannuation lump sums and employment termination payments". 38 Subsection 6AB(1) Omit "section 26D, 27CAA, 102AAZD, 456, 457, 459A or 529", substitute "section 26D, 102AAZD, 456, 457, 459A or 529 of this Act, or section 305‑70 of the Income Tax Assessment Act 1997". 39 Subsection 6AB(1A) Omit "net previous income referred to in subsection 288A(2)", substitute "an amount worked out under section 295‑325 of the Income Tax Assessment Act 1997". 40 Subsection 6AB(1B) Omit "net previous income referred to in subsection 288B(2)", substitute "an amount worked out under section 295‑330 of the Income Tax Assessment Act 1997". 41 After subsection 6AB(1B) Insert: (1C) A reference in this Act to foreign income includes a reference to an amount included in assessable income under: (a) Division 301 of the Income Tax Assessment Act 1997 in its application under section 301‑5 of the Income Tax (Transitional Provisions) Act 1997; or (b) Division 302 of the Income Tax Assessment Act 1997 in its application under section 302‑5 of the Income Tax (Transitional Provisions) Act 1997. 42 Subparagraphs 23AF(17)(aa)(i) and (ii) Repeal the subparagraphs, substitute: (i) is included in assessable income under Division 82, section 83‑295 or Division 301, 302, 304 or 305 of the Income Tax Assessment Act 1997; or (ii) is included in assessable income under Division 82 of the Income Tax (Transitional Provisions) Act 1997; or (iii) is mentioned in paragraph 82‑135(e), (f), (g), (i) or (j) of the Income Tax Assessment Act 1997; or (iv) is an amount transferred to a fund, if the amount is included in the assessable income of the fund under section 295‑200 of the Income Tax Assessment Act 1997; or 43 Subsection 23AF(17A) (paragraph (aa) of the definition of Notional gross tax) Omit "an exempt resident foreign termination payment (within the meaning of Subdivision AA of Division 2)", substitute "a payment covered by section 83‑240 or 305‑65 of the Income Tax Assessment Act 1997". 44 Subsection 23AF(17C) Omit "any exempt resident foreign termination payment (within the meaning of Subdivision AA of Division 2) that related to the termination of qualifying service (within the meaning of that Division)", substitute "any payment covered by section 83‑240 or 305‑65 of the Income Tax Assessment Act 1997 in relation to qualifying service". 45 Subsection 23AG(3) (paragraph (aa) of the definition of Notional gross tax) Omit "an exempt resident foreign termination payment (within the meaning of Subdivision AA of Division 2)", substitute "a payment covered by section 83‑240 or 305‑65 of the Income Tax Assessment Act 1997". 46 Subsection 23AG(5) Omit "any exempt resident foreign termination payment (within the meaning of Subdivision AA of Division 2)", substitute "any payment covered by section 83‑240 or 305‑65 of the Income Tax Assessment Act 1997". 47 Subsection 23AG(7) (paragraphs (a) and (b) of the definition of foreign earnings) Repeal the paragraphs, substitute: (a) is included in assessable income under Division 82 or Subdivision 83‑295 or Division 301, 302, 304 or 305 of the Income Tax Assessment Act 1997; or (b) is included in assessable income under Division 82 of the Income Tax (Transitional Provisions) Act 1997; or (c) is mentioned in paragraph 82‑135(e), (f), (g), (i) or (j) of the Income Tax Assessment Act 1997; or (d) is an amount transferred to a fund, if the amount is included in the assessable income of the fund under section 295‑200 of the Income Tax Assessment Act 1997. 48 Subsection 24AYA(1) Omit "section 82AAC", substitute "section 290‑60 of the Income Tax Assessment Act 1997". 49 Subsection 24AYA(3) Omit "dependants", substitute "SIS dependants". 50 Subsection 24AYA(7) Omit "section 82AAC", substitute "section 290‑60 of the Income Tax Assessment Act 1997". 51 Paragraph 26AF(1)(aa) After "section 26AFB", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 52 Subsection 26AF(2) After "section 26AFB", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 53 Subsection 26AF(4) After "section 26AFB of this Act", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 54 Paragraph 26AFA(1)(aa) After "section 26AFB", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 55 Subsection 26AFA(3) After "section 26AFB", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 56 Subsection 26AFA(5) After "section 26AFB of this Act", insert "(as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)". 57 Subsection 26AH(6A) Omit "(within the meaning of Part IX)". 58 Paragraph 26AH(7)(b) Repeal the paragraph, substitute: (b) the eligible policy is held by the trustee of: (i) a complying superannuation fund; or (ii) a complying approved deposit fund; or (iii) a pooled superannuation trust; or 59 Subdivision AA of Division 2 of Part III (heading) Repeal the heading, substitute: Subdivision AA—Non‑superannuation annuities etc. 60 Subsection 27H(1) Omit "subsection (1A) and". 61 Subsection 27H(1A) Repeal the subsection. 62 Paragraphs 27H(3A)(a) and (b) Repeal the paragraphs. 63 Subsection 27H(4) Insert: agreement means any agreement, arrangement or understanding whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. 64 Subsection 27H(4) (definition of annuity) Repeal the definition, substitute: annuity means an annuity, a pension paid from a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997) or a pension paid from a scheme mentioned in paragraph 290‑5(c) of that Act, but does not include: (a) an annuity that is a qualifying security for the purposes of Division 16E; or (b) a superannuation income stream (within the meaning of the Income Tax Assessment Act 1997). 65 Subsection 27H(4) Insert: purchase price means: (a) in relation to a pension—the sum of: (i) contributions made by any person to a foreign superannuation fund to obtain the pension; and (ii) so much as the Commissioner considers reasonable of contributions made by any person to a foreign superannuation fund to obtain superannuation benefits including the pension; and (b) in relation to an annuity other than a pension—the sum of: (i) payments made solely to purchase the annuity; and (ii) so much as the Commissioner considers reasonable of payments made to purchase the annuity and to obtain other benefits. 66 Subsection 27H(4) Insert: residual capital value, in relation to an annuity, means the capital amount payable on the termination of the annuity. 67 Subsection 27H(4) Insert: undeducted purchase price, in relation to an annuity, has the meaning given by section 27A immediately before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007. 68 At the end of section 27H Add: (5) In the definition of purchase price in subsection (4): (a) a reference to contributions made by any person to a foreign superannuation fund to obtain a pension does not include a reference to contributions made to a foreign superannuation fund by an employer, or by another person under an agreement to which the employer is a party, for the purpose of providing superannuation benefits for, or for dependants of, an employee of the employer; and (b) a reference to payments made to purchase, or solely to purchase, an annuity (other than a pension) does not include a reference to payments made by an employer, or by another person under an agreement to which the employer is a party, to purchase, or solely to purchase, the annuity for, or for dependants of, an employee of the employer. (6) For the purposes of subsection (5), in determining whether a person is an employer of another person, treat the holding of an office by the other person as employment of that person. 69 Subparagraph 47A(16)(c)(iv) Omit "an eligible entity (within the meaning of Part IX)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 70 Sub‑subparagraph 47A(18)(d)(ii)(D) Omit "an eligible entity (within the meaning of Part IX)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 71 Section 67AAA Repeal the section. 72 Paragraph 70B(2A)(b) Repeal the paragraph, substitute: (b) segregated current pension assets (as defined in the Income Tax Assessment Act 1997) of a complying superannuation fund. 73 Subsection 73B(1) (definition of annual leave) Repeal the definition, substitute: annual leave means leave covered by section 83‑10 of the Income Tax Assessment Act 1997 (see subsection (1) of that section). 74 Subsection 73B(1) (definition of contributions to superannuation funds) Omit "section 82AAC", substitute "section 290‑60 of the Income Tax Assessment Act 1997". 75 Subsection 73B(1) (definition of long service leave) Repeal the definition, substitute: long service leave means leave covered by Subdivision 83‑B of the Income Tax Assessment Act 1997 (see section 83‑70 of that Act). 76 After subsection 73B(20) Insert: (20A) To avoid doubt, subsection (20) applies despite subsection 290‑10(1) of the Income Tax Assessment Act 1997. 77 Section 90 (definition of net income) Omit "section 82AAT of this Act", substitute "section 290‑150". 78 Section 90 (definition of partnership loss) Omit "section 82AAT of this Act", substitute "section 290‑150". 79 Paragraph 92(2A)(b) Repeal the paragraph, substitute: (b) a segregated current pension asset (as defined in the Income Tax Assessment Act 1997) of a complying superannuation fund. 80 Subsection 101A(2) Omit "section 26AC or 26AD", substitute "section 83‑10 or 83‑80 of the Income Tax Assessment Act 1997". 81 Subsection 101A(3) Omit "Where", substitute "To avoid doubt, if". 82 Subsection 101A(3) Omit "Subdivision AA of Division 2 in respect of an eligible termination payment, within the meaning of that Subdivision,", substitute "Division 82 or 302 of the Income Tax Assessment Act 1997 in respect of a payment". 83 Subsection 101A(3) Omit "and shall be deemed to be income to which no beneficiary is presently entitled". 84 Section 102AAB (paragraph (c) of the definition of resident trust estate) Omit "an eligible entity (within the meaning of Part IX)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 85 Sub‑subparagraph 102AAE(2)(b)(ii)(B) Omit "an eligible entity (within the meaning of Part IX)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 86 Paragraph 102AAM(2)(d) Omit "an eligible entity within the meaning of Part IX", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 87 Sub‑subparagraph 102AAM(4)(b)(ii)(B) Omit "an eligible entity (within the meaning of Part IX)", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 88 Subparagraph 102AAZA(a)(iv) Omit "section 272", substitute "section 295‑10 of the Income Tax Assessment Act 1997". 89 Section 102M (subparagraph (b)(iii) of the definition of exempt entity) Omit "a complying ADF, or a PST, within the meaning of Part IX", substitute "a complying approved deposit fund or a pooled superannuation trust". 90 Section 121AQ (definition of annuity) Omit "section 27A", substitute "section 10 of the Superannuation Industry (Supervision) Act 1993". 91 Section 121AQ (definition of ETP) Repeal the definition. 92 Section 121AQ Insert: superannuation interest has the same meaning as in the Income Tax Assessment Act 1997. 93 Section 121AQ (definition of superannuation pension) Repeal the definition. 94 Section 121AQ (definition of undeducted contributions) Repeal the definition. 95 Section 121AQ (definition of undeducted purchase price) Repeal the definition. 96 Section 121AR (table) Repeal the table, substitute: Definition Provision annuity 121AQ applicable accounting day 121AM(3) and 121AN(4) capital reserve adequacy level 121AO(2) eligible actuary 121AO(3) embedded value 121AM(1) demutualise 121AD(1) and (2) demutualisation method 121AE(3) demutualisation method 1 to 121AF to 121AL demutualisation method 7 demutualisation resolution day 121AD(3) first trading day price 121AQ general insurance business 121AQ general insurance company 121AB(4) insurance company 121AB(2) life insurance business 121AQ life insurance company 121AB(3) listed 121AQ listing period 121AE(6) mutual affiliate company 121AC mutual insurance company 121AB(1) net tangible asset value 121AN(1) policyholder/member group 121AE(4) and (5) security 121AO(4) subsidiary 121AP(1) and (2) superannuation interest 121AQ Treasury bond rate 121AO(1) wholly‑owned subsidiary 121AP(3) 97 Section 121AT (Table 2, item 11) Omit: If the trustee pays an ETP, a superannuation pension or an annuity to the member, the undeducted contributions in relation to the ETP, or undeducted purchase price of the pension or annuity, is increased by the amount worked out using the formula: substitute: If the trustee pays a superannuation benefit to the member, the tax free component (within the meaning of the Income Tax Assessment Act 1997) of the superannuation interest (within the meaning of that Act) from which the benefit is paid is increased by the amount worked out using the formula: 98 Paragraph 124ZM(3)(d) Omit "an eligible entity within the meaning of Part IX", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 99 Subsection 128A(10) Omit "non‑resident superannuation fund", substitute "foreign superannuation fund". 100 Subparagraph 128B(3)(jb)(i) Omit "foreign superannuation fund", substitute "superannuation fund for foreign residents". 101 Subsection 128FA(8) (paragraph (b) of the definition of eligible unit holder) Repeal the paragraph, substitute: (b) the trustee (within the meaning of the Income Tax Assessment Act 1997) of a complying superannuation fund that has 50 or more members; or 102 Subsection 128FA(8) (paragraph (d) of the definition of eligible unit holder) Repeal the paragraph, substitute: (d) the trustee (within the meaning of the Income Tax Assessment Act 1997) of a complying approved deposit fund; or 103 Subsection 149A(1) Omit "subsection 27B(1A) or (3)" (wherever occurring), substitute "section 82‑65, 82‑70 or 302‑145 of the Income Tax Assessment Act 1997". Note: The heading to section 149A is altered by omitting "ETP excessive component" and substituting "certain death benefits". 104 Subparagraph 159GZZZZG(1)(a)(iv) Omit "an eligible entity within the meaning of Part IX", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 105 Subsection 159ZR(1) (paragraph (a) of the definition of normal taxable income) Repeal the paragraph, substitute: (a) no amount were included in assessable income under Division 82, section 83‑10 or 83‑80 or Division 301 or 302 of the Income Tax Assessment Act 1997 or Division 82 of the Income Tax (Transitional Provisions) Act 1997; and 106 Subsection 159ZR(1) (definition of rebated tax) Repeal the definition, substitute: rebated tax means the tax payable after the allowance of any tax offset under Division 82, 83, 301 or 302 of the Income Tax Assessment Act 1997, subsection 392‑35(2) of that Act (which allows some primary producers tax offsets) or Division 82 of the Income Tax (Transitional Provisions) Act 1997, but before the allowance of any other tax offsets or any credits. 107 Subsection 160AAB(5A) Omit "an eligible entity within the meaning of Part IX", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 108 Subsection 160AF(1A) Omit "subsection 288A(2)", substitute "table item 2 in section 295‑320 of the Income Tax Assessment Act 1997". 109 Paragraph 160AF(1B)(a) Omit "a resident superannuation fund in relation to the current year of income includes the fund's net previous income in respect of previous years of income (as defined by subsection 288A(2))", substitute "an Australian superannuation fund in relation to the current year of income includes the amount worked out for the fund under section 295‑325 of the Income Tax Assessment Act 1997". 110 Subsection 160AF(1C) Omit "a resident superannuation fund referred to in subsection 288B(2)", substitute "an Australian superannuation fund referred to in table item 3 in section 295‑320 of the Income Tax Assessment Act 1997". 111 Paragraph 160AF(1D)(a) Omit "a resident superannuation fund in relation to the current year of income includes the fund's net previous income in respect of previous years of income (as defined by subsection 288B(2))", substitute "an Australian superannuation fund in relation to the current year of income includes the amount worked out for the fund under section 295‑330 of the Income Tax Assessment Act 1997". 112 Paragraph 160AF(6)(b) Omit "section 27CAA", substitute "section 305‑70 of the Income Tax Assessment Act 1997". 113 Paragraph 160AF(7)(ba) Omit "section 27CAA", substitute "section 305‑70 of the Income Tax Assessment Act 1997". Note 1: The heading to section 202DI is altered by omitting "eligible termination payments" and substituting "superannuation benefits". Note 2: The heading to section 202DJ is altered by omitting "eligible termination payments" and substituting "superannuation benefits". 114 Subsection 170(10AA) (before table item 180) Insert: 174 Section 295‑25 Commissioner makes an assessment as if an entity were a complying superannuation entity or a pooled superannuation trust for the income year and: (a) the entity does not become one; or (b) the Australian Prudential Regulation Authority (APRA) does not receive certain documents about the entity within a specified period 175 Section 295‑30 Notice under section 342 of the Superannuation Industry (Supervision) Act 1993 or under regulations made for the purposes of that section is revoked, or the decision to give the notice is set aside 176 Subsection 295‑195(3) An amount is excluded from the assessable income of a complying superannuation fund or an RSA provider because of the exercise of an option by the trustee or provider 177 Section 295‑270 Commissioner makes an assessment on the basis of an amount of pre‑1 July 88 funding credits being anticipated for an income year and: (a) it becomes clear that those credits will not be available; or (b) APRA does not receive certain documents within a specified period 178 295‑490(2) Deduction is denied because financial assistance funding levy is remitted or there is a refund of an overpayment of the levy 115 Subsection 177EA(15) After "following provisions", insert "of the Income Tax Assessment Act 1997". 116 Paragraphs 177EA(15)(a) and (b) Repeal the paragraphs, substitute: (a) section 295‑385 (about income from assets set aside to meet current pension liabilities), section 295‑390 (about income from other assets used to meet current pension liabilities) and 295‑400 (about income of a PST attributable to current pension liabilities); or (b) paragraph 320‑37(1)(a) (about segregated exempt assets) or paragraph 320‑37(1)(d) (about income bonds, funeral policies and scholarship plans). 117 Paragraph 202DHA(a) After "a person has", insert "on or after 1 July 2007". 118 Paragraph 202DHA(b) After "superannuation scheme", insert "or is an RSA holder". 119 Paragraph 202DHA(c) After "superannuation scheme", insert "or RSA". 120 Section 202DHA After "or scheme", insert "or the RSA provider". 121 Subsection 202DJ(2) (definition of constitutionally protected superannuation fund) Omit "Part IX", substitute "the Income Tax Assessment Act 1997". 122 Subsection 251S(1A) Repeal the subsection, substitute: (1A) If the taxpayer is entitled to a tax offset under subsection 301‑20(2) of the Income Tax Assessment Act 1997 for a year of income, paragraph (1)(a) of this section applies as if the taxable income of the taxpayer of the year of income were reduced by the amount mentioned in subsection 301‑20(3) of that Act for the person for the year. 123 Subsection 262A(4A) Omit "under Subdivision AAC of Division 17 of Part III as in force immediately before the day on which the Taxation Laws Amendment Act (No. 6) 1992 received the Royal Assent or". 124 Section 317 (paragraph (a) of the definition of trust) Repeal the paragraph, substitute: (a) an entity in the capacity of trustee (including an entity that manages a trust if there is no trustee); or 125 Paragraph 371(7)(c) Repeal the paragraph, substitute: (c) a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust. 126 Paragraph 459A(3)(c) Repeal the paragraph, substitute: (c) a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust. 127 Paragraph 460(1)(c) Repeal the paragraph, substitute: (c) a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust. 128 Section 470 (definition of resident Part IX entity) Repeal the definition, substitute: resident superannuation entity has the meaning given by section 477. 129 Section 470 (paragraph (a) of the definition of trust) Repeal the paragraph, substitute: (a) an entity in the capacity of trustee (including an entity that manages a trust if there is no trustee); or 130 Section 470 (definition of trustee) Repeal the definition, substitute: trustee, in relation to a fund that has no trustee, means the person who manages the fund. 131 Section 477 Repeal the section, substitute: 477 Resident superannuation entity For the purposes of this Part, a trust is a resident superannuation entity at a particular time if at that time the trust is: (a) an Australian superannuation fund; or (b) a complying approved deposit fund or a pooled superannuation trust. Note: The heading to section 477 is altered by omitting "Part IX" and substituting "superannuation". 132 Paragraph 481(3)(a) Omit "resident Part IX entity", substitute "resident superannuation entity". 133 Subsection 485(6) Omit "resident Part IX entity", substitute "resident superannuation entity". 134 Paragraph 491(2)(c) Omit "or an eligible Part IX entity", substitute ", a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust". 135 Subsection 533B(1) Omit "(1)". 136 Paragraph 533B(1)(a) Omit "an eligible non‑resident non‑complying superannuation fund", substitute "a fund or scheme in relation to which Subdivision 305‑B of the Income Tax Assessment Act 1997 applies (see section 305‑55 of that Act)". 137 Paragraph 533B(1)(c) Repeal the paragraph, substitute: (c) the taxpayer chooses under section 305‑80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and 138 Paragraph 533B(1)(f) Omit "election", substitute "choice". 139 Subsection 533B(2) Repeal the subsection. 140 Paragraph 603(1)(h) Omit "Subdivision AA of Division 2 of Part III", substitute "Division 82, 301, 302, 304 or 305 of the Income Tax Assessment Act 1997, or Division 82 of the Income Tax (Transitional Provisions) Act 1997". 141 Paragraph 605(11)(c) Repeal the paragraph, substitute: (c) a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust; or 142 Subsection 57‑40(1) in Schedule 2D Omit "section 82AAC", substitute "section 290‑60 of the Income Tax Assessment Act 1997". 143 Subsection 57‑50(1) in Schedule 2D Omit "section 82AAC", substitute "section 290‑60 of the Income Tax Assessment Act 1997". 144 Subsection 57‑70(1) in Schedule 2D Omit "an eligible termination payment", substitute "a superannuation lump sum or an employment termination payment". Note: The heading to section 57‑70 in Schedule 2D is replaced by the heading "Treatment of superannuation lump sums and employment termination payments". 145 Subsection 57‑70(3) in Schedule 2D Repeal the subsection, substitute: (3) This section does not apply to an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997), or a genuine redundancy payment (within the meaning of that Act). 146 Subsection 57‑70(4) in Schedule 2D Repeal the subsection. 147 Subparagraph 272‑25(3)(a)(ii) in Schedule 2F Omit "foreign superannuation fund", substitute "superannuation fund for foreign residents". 148 Subsection 272‑25(3) in Schedule 2F (notes) Repeal the notes, substitute: Note: See subsection 6(1) for the meaning of complying superannuation fund, complying approved deposit fund and superannuation fund for foreign residents. 149 Paragraph 393‑60(4)(a) in Schedule 2G Omit "subsection 27B(1A) or (3) (Assessable income to include certain superannuation and kindred payments)", substitute "section 82‑65, 82‑70 or 302‑145 of the Income Tax Assessment Act 1997 (certain superannuation benefits and employment termination payments)". Income Tax Assessment Act 1997 150 Subsection 9‑5(1) (table item 4) Omit "sections 295‑5 and 295‑605", substitute "sections 295‑5, 295‑605 and 320‑155". 151 Section 10‑5 (table item headed "eligible termination payments (ETPs)") Repeal the item. 152 Section 10‑5 (table item headed "employment") Repeal the item, substitute: employment allowances and benefits in relation to employment or rendering services 15‑2 employment termination payment ............... 82‑10 82‑65 82‑70 other payments for employment termination ......... 83‑295 return to work payments ...................... 15‑3 see accrued leave transfer payments, leave payments, superannuation and sections 82‑10A and 82‑10C of the Income Tax (Transitional Provisions) Act 1997 153 Section 10‑5 (table item headed "insurance") Omit: life assurance, transfer of contributions by superannuation fund or approved deposit fund to 275 substitute: life insurance, transfer of contributions by superannuation fund or approved deposit fund to 295‑260 154 Section 10‑5 (table item headed "insurance") Omit: rebates and premiums refunded to a superannuation fund trustee 279A(1) substitute: rebates and premiums refunded to a superannuation fund trustee 295‑320 (table item 4) 155 Section 10‑5 (table item headed "leave payments") Repeal the item, substitute: leave payments accrued leave transfer payment ................. 15‑5 unused annual leave payment ........................ 83‑10 unused long service leave payment ............... 83‑80 see employment 156 Section 10‑5 (table item headed "superannuation") Repeal the item, substitute: superannuation benefits generally .......................... Divisions 301 to 306 benefits in breach of legislative requirements ........ Division 304 benefits received from older superannuation funds .... 26AF, 26AFA complying fund becomes non‑complying, effect of 295‑320 (table item 2) contributions to an approved deposit fund .......... Subdivisions 295‑C and 295‑D contributions to an RSA ...................... Subdivision 295‑C contributions to a superannuation fund ............ Subdivisions 295‑C and 295‑D death benefits ............................. 302‑75 302‑85 302‑90 302‑145 foreign superannuation funds and schemes, benefits from 305‑70 member benefits ........................... 301‑20 301‑25 301‑35 301‑40 Subdivision 301‑C foreign fund becoming Australian, effect of ......... 295‑320 (table item 3) no‑TFN contributions income ............ 295‑605 returned contributions ....................... 290‑100 trustee's liability to pay tax .................... 295‑5(2) and (3) see insurance 157 Section 11‑10 (table item headed "Government co‑contributions") Repeal the item. 158 Section 11‑10 (at the end of the table) Add: superannuation benefits from non‑complying funds ........ 305‑5 159 Section 11‑15 (table item headed "superannuation or related business") Repeal the item, substitute: superannuation and related business approved deposit fund, continuously complying fixed interest, income from 25 May 1988 deposits 295‑390 of the Income Tax (Transitional Provisions) Act 1997 approved deposit fund, income from a grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 295‑405 (table item 1) approved deposit fund, non‑reversionary bonuses on policies of life assurance 295‑335 (table item 1) pooled superannuation trust, income from constitutionally protected funds 295‑335 (table item 2) pooled superannuation trust, income from current pension liabilities of complying superannuation funds 295‑400 pooled superannuation trust, non‑reversionary bonuses on policies of life assurance 295‑335 (table item 1) superannuation fund, income from other assets used to meet current pension liabilities 295‑390 superannuation fund, income from segregated current pensions assets 295‑385 superannuation fund, non‑reversionary bonuses on policies of life assurance 295‑335 (table item 1) superannuation fund, regulated, income from a grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 295‑405 (table item 1) 160 Section 11‑55 (after table item headed "dividends") Insert: employment early retirement scheme payment, tax free amount of ... 83‑170 employment termination payment ............... 82‑10 82‑65 82‑70 foreign termination payment ................... 83‑235 83‑240 genuine redundancy payment, tax free amount of ..... 83‑170 unused long service leave payment, pre‑16/8/78 period 83‑80 see superannuation and sections 82‑10A and 82‑10C of the Income Tax (Transitional Provisions) Act 1997 161 Section 11‑55 (after table item headed "social security or like payments") Insert: superannuation benefits generally .......................... Divisions 301 to 306 commutation of income stream, under 25 years ....... 303‑5 death benefits ............................. 302‑60 302‑65 302‑70 302‑140 departing Australia superannuation benefits ......... 301‑175 foreign superannuation funds, lump sum benefits ..... 305‑60 305‑65 305‑70 member benefits ................................. 301‑10 301‑15 301‑30 301‑225 release authorities, payments from ............... 304‑15 roll‑over superannuation benefits .......... 306‑5 unclaimed money payment .................... 306‑20 162 Section 12‑5 (after table item headed "environment") Insert: excess contributions tax no deduction ............................. 26‑75 163 Section 12‑5 (table item headed "interest") Omit "67AAA" (first occurring), substitute "26‑85". 164 Section 12‑5 (table item headed "interest") Omit "67AAA" (second occurring), substitute "26‑80". 165 Section 12‑5 (table item headed "superannuation and related business") Repeal the item, substitute: superannuation and related business generally ................................ Part 3‑30 asset disposals ............................ 295‑85 death or disability benefits, deduction for future service element 295‑470 death or disability cover, premiums for ............ 295‑465 detriment payments ......................... 295‑485 financial assistance levy ...................... 295‑490(1) (table item 3) 166 Section 12‑5 (table item headed "superannuation—eligible person contributions") Repeal the item, substitute: superannuation—deductibility of contributions generally ...................................... Division 290 contributions for employees etc. ................. Subdivision 290‑B contributions to non‑complying funds ....... sections 290‑10 and 290‑75 limit on deduction .......................... 26‑55 no deduction under any other provision of the Act ..... section 290‑10 personal contributions ....................... Subdivision 290‑C 167 Section 12‑5 (table item headed "superannuation—employer contributions") Repeal the item. 168 Section 12‑5 (table item headed "superannuation guarantee charge") Omit "26‑85", substitute "290‑95". 169 Section 13‑1 (table item headed "annuity") Omit "eligible termination payments", substitute "superannuation". 170 Section 13‑1 (table item headed "eligible termination payments (ETPs)") Repeal the item, substitute: employment termination employment termination payments ............... 82‑10 82‑70 see leave payments, superannuation and sections 82‑10A and 82‑10C of the Income Tax (Transitional Provisions) Act 1997 171 Section 13‑1 (table item headed "leave payments") Repeal the item, substitute: leave payments unused annual leave payment ........................ 83‑15 unused long service leave payment ............... 83‑85 see employment termination 172 Section 13‑1 (table item headed "rebatable ETP annuity") Repeal the item. 173 Section 13‑1 (table item headed "superannuation") Repeal the item, substitute: superannuation generally ................................ Divisions 301 and 302 spouse contributions ........................ Subdivision 290‑D death benefits ............................. 302‑75 302‑85 302‑145 member benefits ................................. 301‑20 301‑25 301‑35 301‑40 301‑95 301‑100 301‑105 301‑115 TFN quoted to superannuation or RSA provider after no‑TFN contributions tax paid 295‑675 174 Section 13‑1 (table item headed "superannuation funds") Repeal the item. 175 Section 13‑1 (table item headed "termination payments") Omit "eligible termination payments", substitute "employment termination, leave payments and superannuation". 176 Paragraphs 15‑2(3)(a) and (b) Repeal the paragraphs, substitute: (a) a *superannuation lump sum or an *employment termination payment; (b) an *unused annual leave payment or an *unused long service leave payment; 177 Section 20‑5 (table item 8) Omit "82AAQ", substitute "290‑100". 178 Paragraph 26‑55(1)(d) Repeal the paragraph, substitute: (d) section 290‑150 (which is about deductions for personal superannuation contributions). 179 Sections 26‑75, 26‑80 and 26‑85 Repeal the sections, substitute: 26‑75 Excess contributions tax cannot be deducted You cannot deduct under this Act an amount of *excess contributions tax that you pay. 26‑80 Financing costs on loans to pay superannuation contribution (1) You can only deduct under this Act a *financing cost connected with a contribution you make to a *superannuation plan if you can deduct the contribution under Subdivision 290‑B. (2) A financing cost connected with a contribution is expenditure incurred to the extent that it relates to obtaining finance to make the contribution, including: (a) interest, and payments in the nature of interest; and (b) expenses of borrowing. 26‑85 Borrowing costs on loans to pay life insurance premiums (1) You can only deduct under this Act interest on, or other expenses associated with, money you borrow to pay a premium for a *life insurance policy if: (a) the *risk component of the premium received by the insurer is the entire amount of the premium; and (b) each amount the insurer is liable to pay under the policy would be included in your assessable income if it were paid. (2) The risk component of a premium for a *life insurance policy means the amount of the premium worked out on the basis specified in the regulations. 180 Subsection 28‑185(3) (table item 5) Repeal the item, substitute: 5 Subdivision 12‑C *Superannuation benefits, *employment termination payments, unused leave payments and annuities 181 Section 51‑65 Repeal the section. 182 Paragraphs 61‑570(2)(a) and (b) Repeal the paragraphs, substitute: (a) amounts of *superannuation lump sums or *employment termination payments; (b) amounts of *unused annual leave payments or *unused long service leave payments; 183 Paragraph 82‑135(h) Omit "paragraph 109(1)(d) of the Income Tax Assessment Act 1936 (which deals with excessive payments to shareholders, directors and *associates);", substitute "this Act". 184 Subparagraph 82‑135(l)(ii) Omit "Act).", substitute "Act);". 185 At the end of section 82‑135 Add: (m) an amount included in your assessable income under Division 13A of Part III of the Income Tax Assessment Act 1936 (which deals with employee share schemes). 186 Paragraph 85‑10(2)(f) Omit the paragraph (including the note), substitute: (f) contributing to a fund in order to obtain *superannuation benefits for yourself or for your *SIS dependants in the event of your death; or Note: For deductions for superannuation contributions: see Subdivision 290‑C. 187 Subsection 85‑25(1) Omit "superannuation benefits", substitute "*superannuation benefits". 188 Subsection 86‑75(1) Omit "superannuation benefits", substitute "*superannuation benefits". 189 Section 109‑60 (table item 8) Omit "complying ADF or complying PST", substitute "complying approved deposit fund or pooled superannuation trust". 190 Section 109‑60 (table item 8) Omit "section 306", substitute "section 295‑90". 191 Section 112‑97 (table item 13) Omit "section 308", substitute "section 295‑85 of the Income Tax (Transitional Provisions) Act 1997". 192 Section 112‑97 (table item 14) Omit "ADF or PST", substitute "complying approved deposit fund or pooled superannuation trust". 193 Section 112‑97 (table item 14) Omit "section 311", substitute "section 295‑100 of the Income Tax (Transitional Provisions) Act 1997". 194 Section 118‑1 (note 1) Omit: * section 27CB (about eligible termination payments); 195 Subsection 118‑20(3) (note) Repeal the note, substitute: Note: These rules are modified for complying superannuation funds that become non‑complying and for foreign superannuation funds that become Australian superannuation funds: see Division 295. 196 Subsection 118‑20(4A) Omit "net previous income for earlier income years under section 288A or 288B of the Income Tax Assessment Act 1936", substitute "income from previous years under section 295‑325 or 295‑330". 197 Section 118‑22 Repeal the section, substitute: 118‑22 Superannuation lump sums and employment termination payments In applying section 118‑20, treat a *superannuation lump sum or an *employment termination payment that you receive as being included in your assessable income. 198 Section 118‑320 Omit "segregated current pension asset (as defined in Part IX of the Income Tax Assessment Act 1936)", substitute "*segregated current pension asset". 199 Subsection 126‑210(5) (note 2) Omit "section 306 of the Income Tax Assessment Act 1936", substitute "section 295‑90". 200 Paragraph 207‑45(d) Omit "an eligible entity within the meaning of Part IX of that Act", substitute "a *complying superannuation fund, a *non‑complying superannuation fund, a *complying approved deposit fund, a *non‑complying approved deposit fund or a *pooled superannuation trust". 201 Section 207‑45 (note 1) Repeal the note. 202 Section 207‑45 (note 2) Omit "Note 2", substi