Tax Laws Amendment (2009 Measures No. 1) Act 2009 (27 of 2009)

Schedule 3   Reforms to income tests

Part 4   Exclusion of certain employer superannuation contributions from test for exceptional circumstances relief payment

Farm Household Support Act 1992

92   At the end of section 24A

Add:

Certain superannuation contributions disregarded

(9) For the purposes of calculating a rate referred to in subsection (1) for a person who has not reached pension age, disregard contributions made by the person’s employer to a superannuation fund or RSA for the person’s benefit, other than contributions made by a company or trust if the person is:

(a) an attributable stakeholder of the company or trust; or

(b) an associate under paragraph 1207C(1)(e), (h), (i) or (j) of the Social Security Act 1991 of a person who is an attributable stakeholder of the company or trust.

Note: Those paragraphs of the Social Security Act 1991 cover a relative, a business partner, a spouse or child of a business partner and a trustee of a trust (where the person concerned can benefit from the trust).

(10) In subsection (9):

attributable stakeholder of a company or trust has the meaning given by section 1207X of the Social Security Act 1991.

pension age has the meaning given by section 23 of the Social Security Act 1991.

RSA has the meaning given by the Retirement Savings Accounts Act 1997.

superannuation fund has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993.