Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 3   Other amendments

Income Tax Assessment Act 1997

13   After subsection 290-85(1)

Insert:

(1A) Section 290-60 also applies as modified by this section if:

(a) you make a contribution in respect of another person at a time; and

(b) the other person had been employed by a company or other entity before that time; and

(c) section 290-90 would apply in relation to the contribution if the other person were employed by the company or entity at that time; and

(d) the contribution:

(i) reduces the company's or entity's charge percentage under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 in respect of the other person because of section 15B of that Act; or

(ii) is a one-off payment in lieu of salary or wages that relate to a period of service during which the other person was the company's or entity's employee; or

(iii) is a payment in lieu of salary or wages that relate to a period of service during which the other person was the company's or entity's employee, and is made within 2 months after the person stopped being the company's or entity's employee.