Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-J - Tax offset for no-TFN contributions income (TFN quoted within 5 years)  

SECTION 295-675   Entitlement to a tax offset  

295-675(1)    

A *superannuation provider in relation to a *superannuation fund or an *RSA provider is entitled to a *tax offset for an income year of the provider (the current year ) commencing on or after 1 July 2007 for amounts of tax that count towards the offset for the provider for the current year.

Note:

In certain circumstances the superannuation provider or RSA provider can get a refund of the tax offset under Division 67 .

295-675(2)    

An amount of tax counts towards the offset for the provider for the current year if subsection (3), (4) or (5) applies for the provider and the tax.

Superannuation providers and RSA providers - main case

295-675(3)    

This subsection applies for the provider and the tax if:

(a)    the tax was payable by the provider in one of the most recent 3 income years of the provider ending before the current year; and

(b)    the tax was payable on an amount of *no-TFN contributions income of the fund or *RSA provider; and

(c)    the amount of no-TFN contributions income was a contribution made to the fund or provider to provide *superannuation benefits for an individual who, in the current year, has *quoted (for superannuation purposes) the individual ' s *tax file number to the provider for the first time.

Superannuation providers of successor funds

295-675(4)    

This subsection applies for the provider (the current provider ) and the tax if:

(a)    the tax was payable on an amount of *no-TFN contributions income that:

(i) was no-TFN contributions income of another *superannuation fund (the previous fund ); and

(ii) was a contribution made to the previous fund to provide *superannuation benefits for an individual; and

(b)    the tax was so payable by the *superannuation provider (the previous provider ) of the previous fund; and

(c)    the tax was so payable in:

(i) one of the most recent 3 income years of the previous provider ending before the current year; or

(ii) an income year of the previous provider ending or starting in the current year; and

(d)    the current provider is the superannuation provider of a *successor fund in relation to the individual and the previous fund; and

(e)    the individual:

(i) never *quoted (for superannuation purposes) the individual ' s *tax file number to the previous provider; but

(ii) has, in the current year, done so to the current provider for the first time.

RSA providers of successor funds

295-675(5)    

This subsection applies for the provider (the current provider ) and the tax if:

(a)    the tax was payable on an amount of *no-TFN contributions income that:

(i) was no-TFN contributions income of another *RSA provider (the previous provider ); and

(ii) was a contribution made to the previous provider to provide *superannuation benefits for an individual; and

(b)    the tax was so payable by the previous provider; and

(c)    the tax was so payable in:

(i) one of the most recent 3 income years of the previous provider ending before the current year; or

(ii) an income year of the previous provider ending or starting in the current year; and

(d)    the current provider is the *superannuation provider of a *successor fund in relation to the individual and an *RSA of the previous provider; and

(e)    the individual:

(i) never *quoted (for superannuation purposes) the individual ' s *tax file number to the previous provider but

(ii) has, in the current year, done so to the current provider for the first time.