ATO Interpretative Decision
ATO ID 2004/191 (Withdrawn)
Superannuation
Rollovers - Taxable contributions for superannuation fundsFOI status: may be released
-
This ATO Interpretative Decision is withdrawn from the database because it contains a view in respect of section 274 of the Income Tax Assessment Act 1936 which does not apply after the 2006 - 2007 income year. Despite its withdrawal from the database, this ATO Interpretative Decision continues to be a precedential view in respect of decisions for income years up to, and including, the 2006 - 2007 income year. Note: Please refer Subdivisions 295-C and 295-F of the Income Tax Assessment Act 1997 for the 2007-2008 and later income years.This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
This ATOID provides you with the following level of protection:
If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.
Issue
Is the post June 1983 untaxed element of an amount which is rolled over from one superannuation fund to another superannuation fund, a taxable contribution as per section 274 of the Income Tax Assessment Act 1936 (ITAA 1936)?
Decision
Yes. A post June 1983 untaxed element of an amount which is rolled over from a superannuation fund to another superannuation fund is a taxable contribution as per section 274 of the ITAA 1936.
Facts
A member rolled over an amount from one superannuation fund to another superannuation fund.
The Self Managed Superannuation Fund is a complying superannuation fund.
The amount included a post-June 1983 untaxed element.
The transferring superannuation fund is an untaxed superannuation fund.
The superannuation fund receiving the amount is a complying superannuation fund.
Reasons for Decision
Subsection 274(1) of the ITAA 1936 states that certain amounts that are paid to an eligible entity (other than a PST [pooled superannuation fund]) or an RSA in a year of income are taxable contributions in relation to the contribution year:
An eligible entity is defined in subsection 267(1) of the ITAA 1936 as:
An eligible superannuation fund is defined in subsection 267(1) as a fund that is a complying superannuation fund.
Subsection 267(1) of the ITAA 1936 defines a specified roll-over as:
- in relation to an eligible entity or RSA provider, means so much of an amount paid to the eligible entity or RSA provider as constitutes a roll-over of some or all of the untaxed element of the post-June 83 component (within the meaning of Subdivision AA of Division 2 of Part III) of an eligible termination payment;
The fund is an eligible complying superannuation fund and hence an eligible entity as defined in subsection 267(1) of the ITAA 1936. The part of the rollover which represents the amount that is the untaxed post-June 1983 element is a specific rollover. Therefore, the post-June 1983 amount that has been rolled into the fund is a taxable contribution.
Date of decision: 12 February 2004Year of income: Year ended 30 June 2003
Legislative References:
Income Tax Assessment Act 1936
subsection 267(1).
subsection 274(1).
ATO ID 2004/190
ATO ID 2004/191
Keywords
Part IX taxation of superannuation entities
Superannuation Business Line
Taxable superannuation contributions
ISSN: 1445-2782
| Date: | Version: | |
| 12 February 2004 | Original statement | |
| You are here | 19 June 2009 | Archived |