Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of provisions of this Act  

SECTION 295-100   Deductions for investing in PSTs and life policies  

295-100(1)    
Provisions of this Act about deducting amounts apply to *complying superannuation funds and *complying approved deposit funds as if *ordinary income and *statutory income received from these investments were included in their assessable income:

(a) units in a *pooled superannuation trust;

(b) *life insurance policies issued by a *life insurance company;

(c) an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company.

Note:

Income from these investments is not assessable: see for example sections 295-105 and 118-350 .

295-100(2)    

A *complying superannuation fund cannot deduct an amount (otherwise than under section 295-465 ) for fees or charges incurred for:

(a) *complying superannuation life insurance policies; or

(b) *exempt life insurance policies; or

(c) units in a *pooled superannuation trust that are *segregated current pension assets of the fund.