Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdiv 295-H inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

S 295-545(1) substituted by No 64 of 2020, s 3 and Sch 3 item 101, effective 1 July 2020. S 295-545(1) formerly read:

295-545(1)
The taxable income of these entities is split into a *non-arm's length component and a *low tax component:

(a) *complying superannuation funds;

(b) *complying approved deposit funds;

(c) *pooled superannuation trusts.

Note:

A concessional rate applies to the low tax component, while the non-arm's length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986 .

S 295-545(2) substituted by No 52 of 2024, s 3 and Sch 7 item 1, effective 1 July 2024. No 52 of 2024, s 3 and Sch 7 item 5 contains the following application of provisions:

5 Application of amendments  
(1)
The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to income derived in the 2018-19 income year or a later income year.

(2)
Despite subitem (1), the amendments do not apply in relation to:
(a) a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and
(b) a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.

(3)
To avoid doubt, the amendments of the Income Tax Assessment Act 1997 made by Schedule 2 to the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 do not apply, and are taken never to have applied, in relation to:
(a) a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and
(b) a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.

S 295-545(2) formerly read:

295-545(2)
The non-arm's length component for an income year is the entity's *non-arm's length income for that year less any deductions to the extent that they are attributable to that income.

S 295-545(2A) inserted by No 52 of 2024, s 3 and Sch 7 item 1, effective 1 July 2024. For application provisions, see note under s 295-545(2) .

S 295-545 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.