Section MB 10 — Income Tax Act 2007: Family scheme income from certain pensions and annuities

MB 10 Family scheme income from certain pensions and annuities When this section applies (1) This section applies for the purpose of determining the amount that represents the family scheme income of a person for an income year when the person derives in the income year a pension or annuity that is exempt income of the person under section CW 4 (Annuities under life insurance policies) or is a pension from a superannuation fund. Half of pension or annuity included in family scheme income (2) The family scheme income of the person for the income year— (a) includes half of the amount of pension or annuity derived in the income year; and (b) does not include the other half of the amount of pension or annuity derived in the income year. Defined in this Act: amount , excluded income , exempt income , family scheme income , income year Section MB 10: added, on 1 April 2011, by section 112 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).