Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 (F2017L00321)

Schedule 5   Deducting personal contributions

Income Tax Assessment Regulations 1997

1   Before regulation 290-170.01

Insert:

290-155.01 Complying superannuation fund condition - prescribed superannuation funds

A superannuation fund is prescribed for the purposes of subparagraph 290-155(1)(a)(iii) of the Act if:

(a) the fund has one or more members that have a superannuation interest in the fund that is a defined benefit interest; and

(b) the trustee of the fund elects to have this regulation apply to the fund; and

(c) the election:

(i) is made before the start of the income year of the fund in which the contribution is made; and

(ii) is not revoked before the start of that year; and

(iii) is made by notifying the Commissioner in the approved form.

290-155.05 Complying superannuation fund condition - prescribed contributions and superannuation funds

For the purposes of paragraph 290-155(1)(b) of the Act, a contribution to a superannuation fund is a prescribed kind of contribution to a prescribed kind of fund if:

(a) the contribution is made to a defined benefit interest in the fund; and

(b) the trustee of the fund elects to have this regulation apply to the fund; and

(c) the election:

(i) is made before the start of the income year of the fund in which the contribution is made; and

(ii) is not revoked before the start of that year; and

(iii) is made by notifying the Commissioner in the approved form.