Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-C - Contributions included  

Contributions and payments

SECTION 295-180   Exception - choice to exclude certain contributions  

295-180(1)    

Item 1 of the table in section 295-160 does not include an amount in the assessable income of a *public sector superannuation scheme for an income year to the extent that the trustee chooses that it not be included.

295-180(2)    
The entity that made the contributions must consent to the choice.

Note:

Making this choice effectively shifts the liability for tax on the contributions to the recipient of the benefit. The benefit is treated as an element untaxed in the fund: see Subdivision 301-C .

295-180(3)    
However, the choice cannot be made for an income year for an amount that exceeds the sum of amounts covered by notices given by the trustee under section 307-285 for *superannuation benefits paid in the income year.

295-180(4)    
A choice under this section cannot be revoked or withdrawn.

295-180(5)    

A choice under this section cannot be made in relation to a *public sector superannuation scheme that comes into operation after 5 September 2006.