Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 5   Deducting personal contributions

Income Tax Assessment Act 1997

4   Sections 290-155 and 290-160

Repeal the sections, substitute:

290-155 Complying superannuation fund condition

(1) If the contribution is made to a *superannuation fund:

(a) the fund must be a *complying superannuation fund, for the income year of the fund in which you made the contribution, that is not:

(i) a *Commonwealth public sector superannuation scheme in which you have a *defined benefit interest; or

(ii) a superannuation fund that would not include the contribution in its assessable income under section 295-190; or

(iii) a superannuation fund of a kind prescribed by the regulations for the purposes of this subparagraph; and

(b) the contribution must not be a contribution of a kind prescribed by the regulations that is made to a superannuation fund of a kind prescribed by the regulations for the purposes of this paragraph.

(2) In determining for the purposes of subparagraph (1)(a)(ii) whether section 295-190 would apply in relation to a contribution, disregard Subdivision 295-D.

(3) The Commissioner may publish, in such manner as the Commissioner thinks fit, lists of:

(a) the *superannuation funds to which subparagraph (1)(a)(i), (ii) or (iii) applies for an income year; and

(b) the kinds of contributions to which paragraph (1)(b) applies for an income year, and the superannuation funds to which those contributions have been or would be made.