Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1) (74 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[74]   Subregulations 6.41 (4), (5) and (6)

substitute

(4) Each of the following is not an untaxed splittable contribution :

(a) a payment made to a superannuation fund by an employer, or by another person under an agreement to which the employer is a party, for the purpose of providing superannuation benefits for, or for dependants of, an employee of the employer;

(b) a roll-over superannuation benefit within the meaning of Division 306 of the 1997 Tax Act;

(c) an amount allotted under this Division;

(d) superannuation lump sum that is paid from a foreign superannuation fund.

(5) Subject to subregulation (6), an untaxed splittable employer contribution:

(a) is a contribution made by the Commonwealth, a State or a Territory to a public sector superannuation scheme; but

(b) does not include a contribution of that kind that will not be included in the assessable income of an entity as:

(i) a taxable contribution for section 274 of the Tax Act; or

(ii) a contribution under Subdivision 295-C of the 1997 Tax Act.

(6) Each of the following is not an untaxed splittable employer contribution:

(a) a roll-over superannuation benefit within the meaning of Division 306 of the 1997 Tax Act;

(b) an amount allotted under this Division;

(c) a superannuation lump sum that is paid from a foreign superannuation fund.