Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-F - Exempt income  

SECTION 295-395   Meaning of segregated non-current assets  

295-395(1)    
Assets of a *complying superannuation fund are segregated non-current assets at a time in an income year if:

(a) the assets are invested, held in reserve or otherwise dealt with at that time solely to enable the fund to discharge all or part of its current and future liabilities (contingent or not) to pay benefits in respect of which contributions have, or were liable to have, been made; and

(b) the trustee of the fund obtains an *actuary's certificate before the date for lodgment of the fund's *income tax return for the income year to the effect that the amount of the assets, together with any future contributions, and the earnings that the actuary expects will be made from them will provide the amount required to discharge in full those liabilities, or that part of those liabilities, as they fall due.

295-395(2)    

The liabilities referred to in paragraph (1)(a) do not include liabilities (contingent or not) in respect of *RP superannuation income stream benefits of the fund at that time.

295-395(3)    

However, *disregarded small fund assets are not segregated non-current assets.