Superannuation Legislation Amendment Act 2010 (117 of 2010)

Schedule 4   Other amendments

Part 2   Employer contributions

Income Tax Assessment Act 1997

21   After subsection 290-85(1)

Insert:

(1AA) Section 290-60 also applies as modified by this section if:

(a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and

(b) you make the contribution within 4 months after the person stops being your employee; and

(c) you would have been entitled to a deduction in relation to the contribution if:

(i) you had made it at a time when the other person was your employee; and

(ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution.

(1AB) Section 290-60 also applies as modified by this section if:

(a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and

(b) the contribution relates to a *defined benefit interest of the other person; and

(c) you are at *arm's length with the other person in relation to the contribution; and

(d) you obtain an *actuary's certificate that:

(i) complies with the requirements (if any) specified by the regulations for the purposes of this paragraph; and

(ii) is to the effect that the contribution does not exceed the amount required by the relevant *superannuation fund to meet the fund's liabilities in connection with defined benefit interests; and

(e) you would have been entitled to a deduction in relation to the contribution if:

(i) you had made it at a time when the other person was your employee; and

(ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution.