1.1.P.341 Pre-1983 component, post-1983 component

Usage

These definitions apply ONLY for the purpose of calculating UPP for defined benefit income streams.

Act reference: SSAct section 9(1F) An income stream is a defined benefit income stream if…

Definition: pre-1983 component

The 'pre-1983 component' of superannuation contributions is defined as contributions paid BEFORE 30 June 1983 that ARE NOT:

  • allowable as a tax deduction, AND NOT
  • a rebateable amount for the purposes of the low income tax rebate under the Income Tax Assessment Act 1936 section 159N, AND NOT
  • an amount for which a rebate of income tax is, or has been allowed.

Definition: post-1983 component

The 'post-1983 component' of superannuation contributions is defined as contributions paid AFTER 30 June 1983 that ARE NOT allowable as a tax deduction, MINUS the sum of the:

  • taxed element of the post-30 June 1983 component, AND
  • untaxed element of the post-30 June 1983 component.

Explanation: In the superannuation context, taxed elements are monies that have been subject to:

  • superannuation contributions tax, AND/OR
  • superannuation fund's earnings tax.

Untaxed elements have NOT been subject to these taxes. Many government defined benefit funds will have untaxed elements.

Last reviewed: 1 July 2016