Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 6  

Part 5   Foreign superannuation funds

Division 2   Superannuation lump sums

Income Tax (Transitional Provisions) Act 1997

32   After Division 304

Insert:

Division 305 - Superannuation benefits paid from non-complying superannuation plans

Table of Subdivisions

305-B Superannuation benefits from foreign superannuation funds

Subdivision 305-B - Superannuation benefits from foreign superannuation funds

Table of sections

305-80 Lump sums paid into complying superannuation plans post-FIF abolition

305-80 Lump sums paid into complying superannuation plans post-FIF abolition

(1) You are entitled to a deduction for an income year (the deduction year ) if:

(a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936, as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010) (the paying fund ); and

(b) Subdivision 305-B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305-55 of that Act); and

(c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and

(d) you choose under section 305-80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and

(e) immediately before the transfer happens, there is a post-FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936) for the paying fund in relation to you; and

(f) the deduction year is the 2010-11 income year or a later income year.

(2) The amount of the deduction is the lesser of:

(a) the post-FIF abolition surplus; and

(b) the amount covered by your choice mentioned in paragraph (1)(d).