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  • Introduction



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    What's new?

    Recent amendments to the Income Tax Assessment Regulations 1997 support the changes made to section 295-465 of the Income Tax Assessment Act 1997 (ITAA 1997), which streamlined the process for claiming tax deductions for the cost of total and permanent disability (TPD) insurance provided through superannuation.

    The Regulations provide specified deductible percentages of associated TPD insurance premiums, allowing superannuation funds in many cases to avoid the need to engage an actuary to determine the deductible portion of premiums.

    Calculation statement changes

    The calculation statement has been modified to more clearly show the tax offset priority rules in the income tax law.

    These changes more clearly show the ordering of the tax offsets and when they can be claimed.

    A list of offsets has been provided for each offset category to help you identify which offsets belong to a particular category. This will help you apply the offsets in the correct order.

    Last modified: 13 Feb 2019QC 25835