Taxation Laws Amendment (Superannuation) Act 1993 (7 of 1993)

PART 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to notification requirements for superannuation contributions

10   Contribution notices or eligible person notices given after return lodgment date

Section 276 of the Principal Act is amended:

(a) by omitting subsections (1) and (3) and substituting the following subsections:

"(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;

the clawback amount is allowable as a deduction from the assessable income of the fund of the notice year.

"(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 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).";

(b) by omitting from subsection (4) "The matters to which the Commissioner is to have regard are" and substituting "The Commissioner must have regard to the following matters in deciding whether to apply subsection (3)".