Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-220   What is the contributions segment ?  

307-220(1)    

The contributions segment of a *superannuation interest is the total amount of the contributions to the interest:

(a) that were made after 30 June 2007; and

(b) to the extent that they have not been and will not be included in the assessable income of the *superannuation provider in relation to the *superannuation plan in which the interest is held.

This section has effect subject to subsection 307-210(2) .

Note:

This segment may be reduced if a superannuation benefit is paid from the superannuation interest: see subsection 307-210(2) .

307-220(2)    
For the purposes of this section:

(a) in determining whether contributions are included in the contributions segment under subsection (1):

(i) disregard the *taxable component of a *roll-over superannuation benefit paid into the interest; and

(ia) disregard the *tax free component of an *involuntary roll-over superannuation benefit paid into the interest from another superannuation interest (the earlier interest ) (other than an earlier interest that was supporting a *superannuation income stream immediately before that benefit was paid); and

(ib) if subparagraph (ia) applies - include as a contribution an amount equal to the amount referred to in subsection (5); and

(ii) for a *superannuation plan that is a *constitutionally protected fund - treat the superannuation plan as if it were not a constitutionally protected fund; and

(b) disregard section 295-180 and Subdivision 295-D .

307-220(3)    
For the purposes of subparagraph (2)(a)(i), treat the *excess untaxed roll-over amount (if any) of the *roll-over superannuation benefit as part of the *tax free component of the benefit instead of the *taxable component of the benefit.

307-220(4)    

Subparagraph (2)(a)(i) does not apply to a *roll-over superannuation benefit that is a *departing Australia superannuation payment made under subsection 20H(2), (2AA) or (2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

Note 1:

The whole departing Australia superannuation payment is included in the contributions segment of the superannuation interest, as none of the payment has been or will be included in the superannuation provider ' s assessable income.

Note 2:

Including the whole payment in that segment, and thus the tax free component, of the superannuation interest ensures that the amount of the payment, which is taxed by the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 , does not attract more tax when paid as a superannuation benefit from the interest.

307-220(5)    

For the purposes of subparagraph (2)(a)(ib), the amount is:

(a) if the *involuntary roll-over superannuation benefit is covered by paragraph 306-12(a) or (c) - the sum of the contributions segment, and crystallised segment, of the earlier interest immediately before the benefit was paid; or

(b) if the benefit is covered by paragraph 306-12(b) - the proportion of that sum that the benefit was to the *value of the earlier interest immediately before the benefit was paid.