S 279E repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 279E formerly read:
SECTION 279E EXPENSES OF INVESTING IN POOLED SUPERANNUATION TRUSTS OR LIFE ASSURANCE POLICIES
279E(1)
[Applicable investments]
This section applies if a complying superannuation fund incurs expenditure in acquiring, holding or disposing of, or otherwise in relation to, an investment consisting of:
(a)
units in a PST; or
(b)
life assurance policies issued by a life assurance company; or
(c)
an interest in a trust whose assets consist wholly of life assurance policies issued by a life assurance company.
History
S 279E(1) amended by No 101 of 2004.
279E(2)
[Assumptions]
In determining whether a deduction is allowable from the assessable income for the expenditure, it is to be assumed that:
(a)
any profit or gain of a capital nature that the fund would derive in respect of the investment would instead be of an income nature; and
(b)
paragraph
26AH(7)(b)
and section
282A
(which deal with excluding bonuses from assessable income) had not been enacted.
279E(3)
[Amounts that cannot be deducted]
A complying superannuation fund cannot deduct an amount (otherwise than under section
279
) for fees or charges incurred in respect of:
(a)
virtual PST life insurance policies (as defined in the
Income Tax Assessment Act 1997
); or
(b)
exempt life insurance policies (as defined in that Act); or
(c)
exempt units in a PST.
History
S 279E(3) inserted by No 89 of 2000.
S 279E inserted by No 76 of 1996.
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