Taxation Determination

TD 2007/3W

Income tax: is a deduction allowable to complying superannuation funds, under section 279 of the Income Tax Assessment Act 1936, for insurance premiums attributable to the provision of benefits for members in the event of temporary disability longer than two years?

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Notice of Withdrawal

Taxation Determination TD 2007/3 is withdrawn with effect from today.

1. TD 2007/3 explains that section 279 of the Income Tax Assessment Act 1936 (ITAA 1936) permits complying superannuation funds a deduction for insurance premiums where income payments may be made to members of that fund with a temporary disability lasting longer than two years. This provided that the benefits payable under the terms of the insurance policy also comply with the requirements of the Superannuation Industry (Supervision) Act 1993.

2. Section 279 of the ITAA 1936 has been repealed with effect from 1 July 2007.

3. TD 2007/3 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation
20 December 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously issued as TD 98/27

References

ATO references:
NO 1-9N72KXS

Previous Rulings/Determinations:
TD 98/27

Related Rulings/Determinations:

TR 2006/10

Subject References:
accident and disability insurance
Commissioner's discretion to treat late taxation objections as having been lodged within time
Complying Superannuation Funds
death or disability benefit
deduction for premiums for death or disability cover
salary continuance
superannuation funds
temporary disability

Legislative References:
ITAA 1936 267
ITAA 1936 267(1)
ITAA 1936 279
ITAA 1997 1-3(2)
ITAA 1997 295-460
SIS Act 62
SIS Act 62(1)(b)
SIS Act 62(1)(b)(v)
SIS Regulations Pt 6
SIS Regulations Sch 1
TAA 1953
TAA 1953 14ZW
TAA 1953 14ZW(2)
TAA 1953 Schedule 1, 357-85
Tax Laws Amendment (Simplified Superannuation) Act 2007

Case References:
MLC Ltd & Anor v. DFC of T
(2002) 196 ALR 502
(2002) 2002 ATC 5105
(2002) 51 ATR 283
[2002] FCA 1491
(2002) 126 FCR 37

Other References:
Law Administration Practice Statement PS LA 2003/7