Income Tax (Transitional Provisions) Act 1997

Pt 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 25, effective 15 March 2007.

Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 25, effective 15 March 2007.

Subdiv 295-G inserted by No 15 of 2007 , s 3 and Sch 1 item 266, applicable to the 2007-2008 income year and later years.

S 295-466 repealed by No 117 of 2010, s 3 and Sch 2 item 7, effective 1 January 2017. S 295-466 formerly read:

SECTION 295-466 Complying funds - deductions for insurance premiums for disability superannuation benefits  
Scope

295-466(1)
This section applies if:

(a) a complying superannuation fund pays a premium for an insurance policy during:

(i) the 2007-08 income year; or

(ii) the 2008-09 income year; or

(iii) the 2009-10 income year; or

(iv) the 2010-11 income year; and

(b) the policy is (wholly or partly) for current or contingent liabilities of the fund to provide superannuation benefits for members of the fund (whether the policy covers the whole or parts of the liabilities).

Note:

For premiums paid during the 2004-05 to 2006-07 income years, see Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 2010 .

Entitlement to deduction

295-466(2)
Treat the superannuation benefits mentioned in paragraph (1)(b) as being disability superannuation benefits , to the extent that:

(a) the superannuation benefits are conditional on the disability of the members mentioned in that paragraph; and

(b) the disability is described as a permanent disability in regulations made for the purposes of this section.

Note:

Other events might have to occur after the event of the disability of the members before the fund pays the benefits to the members. For example, the members might have to satisfy a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 , such as by reaching a certain age.

295-466(3)
Subsection (2) applies:

(a) for the purposes of applying:

(i) subsection 295-465(1) of the Income Tax Assessment Act 1997 ; and

(ii) paragraph 295-460(b) of that Act, to the extent that it relates to subsection 295-465(1) of that Act;

to the payment mentioned in paragraph (1)(a) of this section; and

(b) without limiting subsection 295-465(1) and paragraph 295-460(b) of that Act.

Amendment of assessments

295-466(4)
Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:

(a) the assessment was made before the commencement of this section; and

(b) the amendment is made within 2 years after that commencement; and

(c) the amendment is made for the purpose of giving effect to this section.

Note:

This section will be repealed on 1 January 2017: see Division 2 of Part 2 of Schedule 2 to the Superannuation Legislation Amendment Act 2010 .

S 295-466 amended by No 43 of 2011, s 3 and Sch 3 item 10, by inserting the note at the end, effective 27 June 2011. No 43 of 2011, s 3 and Sch 3 item 8 contains the following application provisions:

8 Complying funds - deductions for self-insurance for disability benefits  
Scope

(1)
This item applies if:

(a) during the whole or a part of a year of income, a complying superannuation fund is subject to a current or contingent liability to provide benefits for members of the fund; and

(b) the year of income is:

(i) the 2004-05 year of income; or

(ii) the 2005-06 year of income; or

(iii) the 2006-07 year of income.

Note:

For liabilities during the 2007-08 to 2010-11 years of income, see section 295-467 of the Income Tax (Transitional Provisions) Act 1997 .

Entitlement to deduction

(2)
Treat the benefits mentioned in paragraph (1)(a) as being death or disability benefits , in relation to the members mentioned in that paragraph, to the extent that:

(a) the benefits are conditional on the disability of the members; and

(b) the disability is described as a permanent disability in regulations made for the purposes of section 295-466 of the Income Tax (Transitional Provisions) Act 1997 .

Note:

Other events might have to occur after the event of the disability of the members before the fund pays the benefits to the members. For example, the members might have to satisfy a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 , such as by reaching a certain age.

(3)
Subitem (2) applies:

(a) for the purposes of applying former subsection 279(2) of the Income Tax Assessment Act 1936 to the liability mentioned in paragraph (1)(a) of this item; and

(b) without limiting that former subsection.

S 295-466 inserted by No 117 of 2010, s 3 and Sch 2 item 5, effective 1 December 2010. This section will be repealed on 1 January 2017 (Sch 2 item 7).