Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

 View history note

 Hide history note

History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 295 - Taxation of superannuation entities  

View history reference

 View history note

 Hide history note

History

Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdivision 295-C - Contributions included  

View history reference

 View history note

 Hide history note

History

Subdiv 295-C inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Contributions and payments

SECTION 295-180   Exception - choice to exclude certain contributions  

View history reference

295-180(1)    

View history reference

Item 1 of the table in section 295-160 does not include an amount in the assessable income of a *public sector superannuation scheme for an income year to the extent that the trustee chooses that it not be included.

 View history note

 Hide history note

History

S 295-180(1) amended by No 15 of 2007, s 3 and Sch 3 item 33, by substituting " *public sector superannuation scheme " for " *complying superannuation fund " , applicable to the 2007-2008 income year and later years.

295-180(2)    
The entity that made the contributions must consent to the choice.

Note:

Making this choice effectively shifts the liability for tax on the contributions to the recipient of the benefit. The benefit is treated as an element untaxed in the fund: see Subdivision 301-C .

295-180(3)    
However, the choice cannot be made for an income year for an amount that exceeds the sum of amounts covered by notices given by the trustee under section 307-285 for *superannuation benefits paid in the income year.

295-180(4)    
A choice under this section cannot be revoked or withdrawn.

295-180(5)    

View history reference

A choice under this section cannot be made in relation to a *public sector superannuation scheme that comes into operation after 5 September 2006.

 View history note

 Hide history note

History

S 295-180(5) amended by No 15 of 2007, s 3 and Sch 3 item 34, by substituting " *public sector superannuation scheme " for " *superannuation plan " , applicable to the 2007-2008 income year and later years.

S 295-180 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.