Income Tax Assessment Act 1936
View history note
Hide history notePart IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.
Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.
Div 2 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.
(Repealed by No 15 of 2007)
S 275 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 275 formerly read:
Subject to this section, the trustee of a complying superannuation fund or complying ADF (
"
transferor
"
) may agree with a particular life assurance company or PST (
"
transferee
"
) that this section is to apply in relation to a year of income (
"
transferor
'
s year of income
"
) and to the transferor and transferee in relation to an amount specified in the agreement.
S 275(1) amended by No 101 of 2004 and substituted by No 101 of 1992.
SECTION 275 TRANSFER OF TAXABLE CONTRIBUTIONS
275(1)
[Agreements]
275(2) [Effect of agreement]
Subject to subsection (3), the effect of the agreement is that the amount to which the agreement relates shall be taken, for the purposes of this Act:
(a) to be included in the assessable income of the transferee of the year of income of the transferee in which the end of the transferor ' s year of income occurs; and
(b) not to be included in the assessable income of the transferor of the transferor ' s year of income.
S 275(2) amended by No 101 of 1992.
275(3) [Amount to be excluded from transferor ' s assessable income]
The total amount excluded from the transferor ' s assessable income of a year of income under this section shall not exceed the total of the taxable contributions paid to the transferor in that year of income.
275(4) [Calculation of amount]
The amount specified in the agreement shall not exceed the amount calculated using the formula:
|
Highest equity value
Tax rate |
where:
Highest equity value is the highest value, at any time during the transferor ' s year of income, of the transferor ' s investment in the transferee;
Tax rate is the rate of tax imposed on the standard component of the taxable income of the transferor of the transferor ' s year of income.
S 275(4) amended by No 101 of 1992.
275(5) [Transferor ' s investment in transferee]
A reference in subsection (4) to the transferor ' s investment in the transferee is a reference to investments consisting of:
(a) if the transferee is a PST - units in the PST; or
(b) if the transferee is a life assurance company:
(i) life assurance policies issued by the transferee; or
(ii) an interest in an interposed trust whose assets consist wholly of life assurance policies issued by the transferee.
S 275(5) amended by No 101 of 2004.
275(6) [Restriction as to agreement]
The transferor is allowed to make only one agreement in relation to a year of income in relation to a particular transferee.
S 275(6) amended by No 101 of 1992.
275(7) [Requirements on agreements]
An agreement under subsection (1):
(a) must be in writing signed by or on behalf of the transferor and the transferee; and
(b) must be made on or before the date of lodgment of the return of income of the transferor for the transferor ' s year of income; and
(c) is irrevocable.
S 275(7) substituted by No 101 of 1992.
S 275 inserted by No 97 of 1989 and substituted by No 105 of 1989.
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