In forceAmendedAs enacted

Contents

3. Maximum relief amount

Amended

Last amended by an amending law of 2021.

(1)

For the purposes of allowing a deduction to a claimant for the year of assessment 2017 or a subsequent year of assessment up to and including the year of assessment 2022 under section 39(3) of the Act, the maximum relief amount is an amount calculated using the formula A + B, where —

(a)

A is the specified amount in —

(i)

rule 4(1), if the claimant made only one payment to the retirement account of a related member in the preceding year; or

(ii)

rule 4(2), if the claimant made more than one payment to the retirement account or accounts of one or more related members in the preceding year; and

(b)

B is the specified amount in —

(i)

rule 5(1), if the claimant made only one payment to the special account of a related member in the preceding year; or

(ii)

rule 5(2), if the claimant made more than one payment to the special account or accounts of one or more related members in the preceding year.

(2)

For the purposes of allowing a deduction to a claimant for the year of assessment 2017 or a subsequent year of assessment up to and including the year of assessment 2022 under section 39(3A) of the Act, the maximum relief amount is an amount calculated using the formula C + D, where —

(a)

C is the specified amount in —

(i)

rule 4(1), if only one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; or

(ii)

rule 4(2), if more than one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; and

(b)

D is the specified amount in —

(i)

rule 5(1), if only one payment under section 39(3A) is made to the claimant’s special account in the preceding year; or

(ii)

rule 5(2), if more than one payment under section 39(3A) is made to the claimant’s special account in the preceding year.

Subregulation 1

(a)

A is the specified amount in —

(i)

rule 4(1), if the claimant made only one payment to the retirement account of a related member in the preceding year; or

(ii)

rule 4(2), if the claimant made more than one payment to the retirement account or accounts of one or more related members in the preceding year; and

(b)

B is the specified amount in —

(i)

rule 5(1), if the claimant made only one payment to the special account of a related member in the preceding year; or

(ii)

rule 5(2), if the claimant made more than one payment to the special account or accounts of one or more related members in the preceding year.

Subregulation 2

For the purposes of allowing a deduction to a claimant for the year of assessment 2017 or a subsequent year of assessment up to and including the year of assessment 2022 under section 39(3A) of the Act, the maximum relief amount is an amount calculated using the formula C + D, where —

(a)

C is the specified amount in —

(i)

rule 4(1), if only one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; or

(ii)

rule 4(2), if more than one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; and

(b)

D is the specified amount in —

(i)

rule 5(1), if only one payment under section 39(3A) is made to the claimant’s special account in the preceding year; or

(ii)

rule 5(2), if more than one payment under section 39(3A) is made to the claimant’s special account in the preceding year.

Report

Read on from reg 4