Tax Laws Amendment (2011 Measures No. 4) Act 2011 (43 of 2011)

Schedule 3   Disability superannuation benefits

Part 1   Deductible percentage of insurance premiums

Division 1   Deductions for insurance premiums

Income Tax Assessment Act 1997

2   After subsection 295-465(1)

Insert:

(1A) If item 5 of the table applies to part, but not all, of an insurance policy premium, item 6 of the table applies to the rest of the premium as if item 5 did not apply to the premium.

(1B) For the purposes of item 6 of the table, the regulations may provide that a specified proportion of a specified insurance policy premium may be treated as being attributable to the *complying superannuation fund’s liability to provide benefits referred to in section 295-460.

Note: The fund may deduct a proportion other than that specified in the regulations for the premium, but must obtain an actuary’s certificate in accordance with subsection (3) in order to do so. The same applies if the insurance policy premium is not specified in the regulations.