Income Tax Assessment Act 1936
View history note
Hide history notePart IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.
Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.
Div 2 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.
(Repealed by No 15 of 2007)
S 274 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 274 formerly read:
Subsection (4) contains an exception in relation to payments mentioned in regulations under the
Family Law Act 1975
.
SECTION 274 TAXABLE CONTRIBUTIONS
274(1)
Subject to this Division, the following amounts paid to an eligible entity (other than a PST) or an RSA in a year of income (
"
the contribution year
"
) are taxable contributions in relation to the contribution year:
(a)
if the eligible entity is a resident superannuation fund in relation to the year of income in which the contributions are made:
(i)
contributions made for the purpose of making provision for superannuation benefits for another person, other than:
(A)
contributions made by a person that is, when the contributions are made, a trustee of an exempt life assurance fund (within the meaning of Division
6C
of Part
III
); or
(B)
contributions made by a person that is, when the contributions are made, a trustee of a complying superannuation fund, a complying ADF or a PST; or
(C)
eligible spouse contributions within the meaning of section
159T
; or
(D)
if that other person is less than 18 years old
-
contributions made to a complying superannuation fund for the benefit of that other person that are not contributions made by or on behalf of an employer of that other person; or
(E)
Government co-contributions made under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
;
(ii)
a specified roll-over amount;
(aa)
if the eligible entity is a non-resident superannuation fund in relation to the year of income in which the contributions are made
-
contributions made for the purpose of making provision for superannuation benefits for another person (other than a person who is a temporary resident within the meaning of the
Income Tax Assessment Act 1997
at the end of the year of income to which the contributions relate) to the extent that the contributions relate to a period in which the other person is or was:
(i)
a resident of Australia; or
(ii)
a non-resident who derives assessable income that consists of or includes work and income support related withholding payments and benefits;
(b)
if the eligible entity is a complying superannuation fund in relation to the year of income in which the contributions are paid:
(i)
a contribution of the kind mentioned in paragraph
82AAT(1)(b)
, to the extent to which the contribution:
(A)
is covered by a notice under subsection
82AAT(1A)
received by the trustee of the fund before the date on which the trustee lodges the return of income of the fund for the contribution year; and
(B)
has not been rolled-over as mentioned in paragraph
27A(13)(a)
;
(ii)
a contribution under section
65
of the
Superannuation Guarantee (Administration) Act 1992
;
(ba)
in the case of an RSA:
(i)
contributions made for the purpose of making provision for superannuation benefits for another person, other than:
(A)
eligible spouse contributions within the meaning of section
159T
; and
(B)
if that other person is less than 18 years old
-
contributions made for the benefit of that other person that are not contributions made by or on behalf of an employer of that other person; and
(C)
Government co-contributions made under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
; and
(ii)
a specified roll-over amount; and
(iii)
a contribution of the kind mentioned in paragraph
82AAT(1CA)(b)
, to the extent to which the contribution:
(A)
is covered by a notice under subsection
82AAT(1CB)
received by the RSA provider before the date on which the RSA provider lodges its return of income for the contribution year; and
(B)
has not been rolled-over as mentioned in paragraph
27A(13)(a)
; and
(iv)
a contribution made under section
65
of the
Superannuation Guarantee (Administration) Act 1992
;
(c)
if the eligible entity is an eligible ADF
-
a specified roll-over amount;
(d)
if the eligible entity is a complying ADF
-
a contribution under section
65
of the
Superannuation Guarantee (Administration) Act 1992
; and
(e)
a payment under section
61
of the
Small Superannuation Accounts Act 1995
(except to the extent to which it represents a Government co-contribution or contributions made under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
).
Note:
S 274(1) amended by No 101 of 2006 , s 3 and Sch 2 item 450, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .
S 274(1) amended by No 32 of 2006, s 3 and Sch 1 item 12, by substituting " a temporary resident within the meaning of the Income Tax Assessment Act 1997 at the end of " for " an exempt visitor to Australia for the purposes of section 517 in relation to " in para (aa), effective 6 April 2006.
S 274(1) amended by No 78 of 2005, No 111 of 2003, No 51 of 2002, No 179 of 1999, No 147 and No 62 of 1997, No 53 of 1995, No 181 of 1994, No 118 and No 7 of 1993, No 92 of 1992 and No 20 of 1990.
274(2)
Subject to this Division, if:
(a) in a year of income ( " the notice year " ) the trustee of a fund receives a notice under subsection 82AAT(1A) in relation to contributions that were made to the fund during a year of income ( " the contribution year " ) in relation to which the fund was a complying superannuation fund; and
(b) the trustee receives the notice after the date on which the trustee lodged the return of income of the fund for the contribution year;
the contributions, to the extent to which they are covered by the notice, are taxable contributions in relation to the notice year.
S 274(2) substituted by No 7 of 1993.
274(3)
Subject to this Division, if:
(a) in a year of income (the notice year ) an RSA provider receives a notice under subsection 82AAT(1CB) in relation to contributions that were made to an RSA provided by the RSA provider during a year of income (the contribution year ); and
(b) the RSA provider receives the notice after the date on which the RSA provider lodged its return of income for the contribution year;
the contributions, to the extent to which they are covered by the notice, are taxable contributions in relation to the notice year.
S 274(3) inserted by No 62 of 1997.
274(4)
Contributions are not taxable contributions under subsection (1) if they are an amount paid by the member spouse, as mentioned in regulations under the Family Law Act 1975 , to a regulated superannuation fund, or to an RSA, to be held for the benefit of the non-members spouse in satisfaction of the non-member spouse ' s entitlement in respect of the superannuation interest concerned.
S 274(4) inserted by No 78 of 2005.
Former s 274(4) amended by No 135 of 1990 and omitted by No 7 of 1993.
274(5)
In subsection (4):
member spouse
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
non-member spouse
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
regulated superannuation fund
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
RSA
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
superannuation interest
has the same meaning as in Part VIIIB of the
Family Law Act 1975
.
S 274(5) inserted by No 78 of 2005.
Former s 274(5) omitted by No 7 of 1993.
274(6)
(Omitted by No 135 of 1990)
274(7)
Contributions to which subparagraph (1)(a)(i) applies that are made to a complying superannuation fund in a year of income are not taxable contributions if the trustee of the fund, with the consent of the contributor, elects that this subsection is to apply in relation to the contributions.
S 274(7) amended by No 181 of 1994 and No 101 of 1992.
274(8)
The total of the contributions made to a complying superannuation fund in a year of income that are covered by elections under subsection (7) shall not exceed the sum of:
(a) the total of the amounts covered by notices under subsection 27AB(4) given by the trustee of the fund in relation to ETPs paid during the year of income; and
(b) (Omitted by No 20 of 1990)
(c) the total of the amounts covered by notices under section 159SS given by the trustee of the fund in relation to amounts paid during the year of income.
S 274(8) amended by No 101 of 1992 and No 20 of 1990.
274(9)
An election under subsection (7):
(a) must be made on or before the date of lodgment of the return of income of the fund for the fund ' s year of income or before such later time as the Commissioner allows; and
(b) is irrevocable.
S 274(9) substituted by No 101 of 1992.
274(10)
Subject to this Division, the following transfers of amounts between superannuation funds are taxable contributions:
(a) a transfer of an amount from a complying superannuation fund to a non-complying superannuation fund;
(b) a transfer of an amount from a non-complying superannuation fund (other than a continuously non-complying superannuation fund) to a non-complying superannuation fund;
(c) a transfer of an amount from an eligible non-resident non-complying superannuation fund to a resident superannuation fund other than so much of the amount as was properly payable out of the first-mentioned fund to a member of that fund on the day on which the transfer took place;
(d) if an amount is transferred from an eligible non-resident non-complying superannuation fund to a complying superannuation fund in relation to a taxpayer - so much of the amount as is specified in an election made by the taxpayer under subsection 27CAA(3) .
S 274(10) amended by No 83 of 2004, No 181 of 1994 and inserted by No 61 of 1990.
S 274 inserted by No 97 of 1989 and amended by No 105 of 1989.
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