Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to deductions and rebates for personal contributions to superannuation funds

9   Subdivision AAC of Division 17 of Part III of the Principal Act is repealed and the following Subdivision is substituted

"Subdivision AAC-Rebate for personal superannuation contributions

Rebate for personal superannuation contributions

"159SZ.(1) If the following conditions are satisfied in relation to a taxpayer and in relation to a year of income of the taxpayer (the 'taxpayer's year of income'):

(a) the taxpayer is not an eligible person (within the meaning of section 82AAS) in relation to the taxpayer's year of income;

(b) during the taxpayer's year of income, the taxpayer makes one or more eligible personal superannuation contributions;

(c) the taxpayer's assessable income of the taxpayer's year of income is less than $31,000;

the taxpayer is entitled to a rebate of tax in the taxpayer's assessment for the taxpayer's year of income equal to 10% of the lesser of the following:

(d) $1,000 reduced by 25 cents for each $1 of the amount (if any) by which the taxpayer's assessable income of the taxpayer's year of income exceeds $27,000;

(e) the total amount of the eligible personal superannuation contributions made by the taxpayer in the taxpayer's year of income.

"(2) In subsection (1):

'complying superannuation fund' has the same meaning as in Part IX;

'dependant' has the same meaning as in the Occupational Superannuation Standards Act 1987;

'eligible personal superannuation contributions', in relation to a taxpayer, means contributions made by the taxpayer to a fund where:

(a) the fund is a complying superannuation fund in relation to the year of income of the fund in which the contributions are made; and

(b) the contributions are made to obtain superannuation benefits for the taxpayer or, in the event of the death of the taxpayer, for dependants of the taxpayer.".