Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 295-460 295-460 Benefits for which deductions are available
Sections 295-465 (about deductions for complying funds for insurance premiums), 295-470 (about deductions for complying funds for future liability to pay benefits) and 295-475 (about deductions for *RSA providers for insurance premiums) apply to these benefits:
(a) a *superannuation death benefit;
(aa) a benefit consisting of an amount payable to an individual because a *terminal medical condition exists in relation to the individual;
(b) a *disability superannuation benefit;
(c) a benefit consisting of an amount payable to an individual under an income stream because of the individual ' s temporary inability to engage in *gainful employment, that is payable for no longer than:
(i) 2 years; or
(ii) if an approval under section 62 of the Superannuation Industry (Supervision) Act 1993 is in force for benefits of that kind and the approval specifies a longer maximum period - that longer period; or
(iii) if there is no such approval in force - a longer period allowed by the Commissioner.
Note 1:
The fund can deduct amounts in relation to these benefits under either section 295-465 or 295-470 , but not both.
Note 2:
The taxable component of the superannuation lump sums will contain an element untaxed in the fund: see section 307-290 .
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