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Hide history notePart IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.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Div 2 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.
(Repealed by No 15 of 2007)
S 276 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 276 formerly read:
the clawback amount is allowable as a deduction from the assessable income of the fund of the notice year. S 276(1) substituted by No 7 of 1993. the clawback amount is allowable as a deduction from the assessable income of the RSA provider for the notice year. S 276(2) inserted by No 62 of 1997. Former S 276(2) omitted by No 105 of 1989. S 276(3) amended by No 62 of 1997 and substituted by No 7 of 1993. S 276(4) amended by No 23 of 2005, No 62 of 1997 and No 7 of 1993.
SECTION 276 CONTRIBUTION NOTICES OR ELIGIBLE PERSON NOTICES GIVEN AFTER RETURN LODGMENT DATE
276(1)
Subject to this section, if:
(a)
in a year of income (
"
the notice year
"
) the trustee of a fund receives a notice under subsection
82AAT(1C)
in relation to contributions that were made to the fund in an earlier year of income (
"
the contribution year
"
); 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; and
(c)
apart from this section and section
275
, the assessable income of the fund of the contribution year would include an amount (
"
the clawback amount
"
) that would not have been included if the trustee had received the notice before that date;
276(2)
Subject to this section, if:
(a)
in a year of income (the
notice year
) an RSA provider receives a notice under subsection
82AAT(1CD)
in relation to contributions that were made to an RSA provided by the RSA provider in an earlier 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; and
(c)
apart from this section, the assessable income of the RSA provider of the contribution year would include an amount (the
clawback amount
) that would not have been included if the RSA provider had received the notice before that date;
276(3)
If the Commissioner is satisfied that it would be appropriate for the clawback amount not to be included in the assessable income of the fund or RSA provider of the contribution year:
(a)
so much of the contribution as equals the clawback amount is taken for the purposes of this Part (other than this section) never to have been a taxable contribution; and
(b)
the clawback amount is not allowable as a deduction under subsection (1).
276(4)
The Commissioner must have regard to the following matters in deciding whether to apply subsection (3):
(a)
whether the clawback amount exceeds the amount that would be the taxable income of the fund or RSA provider of the notice year apart from this section;
(b)
the amount of the tax offsets (if any) to which the trustee of the fund, or the RSA provider, is entitled under Part
3-6
of the
Income Tax Assessment Act 1997
in relation to the notice year; and
(c)
such other matters as the Commissioner considers relevant.
276(5)
This section applies only once in respect of a particular contribution or part of a contribution.
S 276 inserted by No 97 of 1989 and amended by No 105 of 1989.
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