S 292-170 repealed by No 118 of 2013, s 3 and Sch 1 item 45, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading. S 292-170 formerly read:
SECTION 292-170
Notional taxed contributions
292-170(1)
Your
notional taxed contributions
for a *financial year in respect of a *defined benefit interest has the meaning given by the regulations.
292-170(2)
Regulations made for the purposes of subsection (1) may provide for a method of determining the amount of
notional taxed contributions
.
292-170(3)
Regulations made for the purposes of subsection (1) may define the *notional taxed contributions, and the amount of notional taxed contributions, in different ways depending on any of the following matters:
(a)
the person who has the *superannuation interest that is or includes the *defined benefit interest;
(b)
the *superannuation plan in which the superannuation interest exists;
(c)
the *superannuation provider in relation to the superannuation plan;
(d)
any other matter.
292-170(4)
Regulations made for the purposes of subsection (1) may specify circumstances in which the amount of *notional taxed contributions for a *financial year is nil.
292-170(5)
Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of this section.
292-170(6)
Despite subsection (1), your
notional taxed contributions
for the *financial year in respect of the *defined benefit interest are equal to your *concessional contributions cap for the financial year if:
(a)
this Subdivision applies in relation to you because you have a defined benefit interest in a financial year; and
(b)
disregarding this subsection and subsection (8), the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your concessional contributions cap for the financial year; and
(c)
either:
(i)
you held the defined benefit interest in a *superannuation fund on 5 September 2006; or
(ii)
all the requirements in subsection (7) are satisfied; and
(d)
the conditions (if any) specified in the regulations are satisfied.
History
S 292-170(6) amended by
No 62 of 2009
, s 3 and Sch 3 item 3, by substituting
"
disregarding this subsection and subsection (8)
"
for
"
apart from this subsection
"
in para (b), effective 29 June 2009.
S 292-170(6) amended by No 15 of 2007, s 3 and Sch 3 item 21, by substituting para (d), applicable to the 2007-2008 financial year and later years. Para (d) formerly read:
(d)
if subparagraph (c)(i) applies and the rules of the superannuation fund have changed since 5 September 2006:
(i)
the notional taxed contributions mentioned in paragraph (b) do not exceed what they would have been if the rules of the fund had not changed since 5 September 2006; or
(ii)
all changes to those rules since 5 September 2006 are of a kind specified in the regulations.
292-170(7)
For the purposes of subparagraph (6)(c)(ii), the requirements are as follows:
(a)
you held a *defined benefit interest (the
original interest
) in a *superannuation fund (the
original fund
) on 5 September 2006;
(b)
the defined benefit interest mentioned in paragraph (6)(a) (the
current interest
) is in a different superannuation fund (the
current fund
);
(c)
the entire *value of the original interest:
(i)
was transferred directly to the current interest after 5 September 2006; or
(ii)
was transferred to another superannuation interest after 5 September 2006, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);
(d)
your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest;
(e)
either:
(i)
the notional taxed contributions mentioned in paragraph (6)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or
(ii)
the conditions (if any) specified in the regulations are satisfied;
(f)
the conditions (if any) specified in the regulations are satisfied.
History
S 292-170(7) amended by No 15 of 2007, s 3 and Sch 3 items 22 to 25, by substituting para (c), inserting
"
to accrue future benefits
"
after
"
your rights
"
(wherever occurring) in para (d), substituting para (e) and substituting
"
conditions
"
for
"
requirements
"
in para (f), applicable to the 2007-2008 financial year and later years. Paras (c) and (e) formerly read:
(c)
the entire *value of the original interest was transferred to the current interest after 5 September 2006;
(e)
the notional taxed contributions mentioned in paragraph (6)(b) do not exceed what they would have been if:
(i)
the transfer mentioned in paragraph (c) had not taken place; and
(ii)
the rules of the original fund had not changed since 5 September 2006, or all changes to those rules since 5 September 2006 are of a kind specified in the regulations;
292-170(8)
Despite subsection (1), your
notional taxed contributions
for the *financial year in respect of the *defined benefit interest are equal to your *concessional contributions cap for the financial year if:
(a)
this Subdivision applies in relation to you because you have a defined benefit interest in a financial year; and
(b)
disregarding this subsection, the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your concessional contributions cap for the financial year; and
(c)
either:
(i)
you held the defined benefit interest in a *superannuation fund on 12 May 2009; or
(ii)
all the requirements in subsection (9) are satisfied; and
(d)
the conditions (if any) specified in the regulations are satisfied; and
(e)
the financial year is the 2009-2010 financial year or a later financial year.
History
S 292-170(8) inserted by
No 62 of 2009
, s 3 and Sch 3 item 4, effective 29 June 2009.
292-170(9)
For the purposes of subparagraph (8)(c)(ii), the requirements are as follows:
(a)
you held a *defined benefit interest (the
original interest
) in a *superannuation fund (the
original fund
) on 12 May 2009;
(b)
the defined benefit interest mentioned in paragraph (8)(a) (the
current interest
) is in a different superannuation fund (the
current fund
);
(c)
the entire *value of the original interest:
(i)
was transferred directly to the current interest after 12 May 2009; or
(ii)
was transferred to another *superannuation interest after 12 May 2009, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);
(d)
your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest;
(e)
either:
(i)
the notional taxed contributions mentioned in paragraph (8)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or
(ii)
the conditions (if any) specified in the regulations are satisfied;
(f)
the conditions (if any) specified in the regulations are satisfied.
[
CCH Note:
For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section
292-80
of the
Income Tax (Transitional Provisions) Act 1997
.]
History
S 292-170(9) inserted by
No 62 of 2009
, s 3 and Sch 3 item 4, effective 29 June 2009.
S 292-170 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
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