Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 7   Superannuation on back payments

Income Tax Assessment Act 1936

1   Subsection 82AAC(1)

Repeal the subsection (not including the notes), substitute:

(1) The amount of a contribution made by a taxpayer is allowable as a deduction to the taxpayer for the year of income of the taxpayer in which the contribution was made if:

(a) the contribution was made to a fund for the purpose of making provision for superannuation benefits payable for another person (whether or not the benefits are payable to a dependant of the other person if the other person dies before or after becoming entitled to receive the benefits); and

(b) the fund is a complying superannuation fund, within the meaning of Part IX, in relation to the year of income of the fund in which the contribution is made; and

(c) one or more of these applies:

(i) the other person was an eligible employee;

(ii) the contribution reduces the taxpayer's charge percentage in respect of the other person under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992;

(iii) the other person was an employee for the purposes of that Act.