Income Tax Assessment Act 1997
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Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Subdiv 295-G inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Definition of " low tax component tax rate " repealed by No 143 of 2007 , s 3 and Sch 5 item 45, effective 15 March 2007 and applicable to the 2007-2008 income year and later years. The definition formerly read:
low tax component tax rate
is the rate of tax imposed on the *low tax component of the fund ' s taxable income for the income year.
S 295-485 repealed by No 81 of 2016, s 3 and Sch 9 item 3, effective 1 January 2017 and applicable in relation to a lump sum that is:
S 295-485 formerly read:
Paragraph (1)(b) has effect as if the reference to amounts included in assessable income under Subdivision 295-C included a reference to amounts included in assessable income under former section 274 of the
Income Tax Assessment Act 1936
: see section 295-485 of the
Income Tax (Transitional Provisions) Act 1997
.
SECTION 295-485 Deductions for increased amount of superannuation lump sum death benefit
295-485(1)
An entity that is a *complying superannuation fund, or a *complying approved deposit fund, and has been since 1 July 1988 (or since it came into existence if that was later) can deduct an amount under this section if:
(a)
it pays a *superannuation lump sum because of the death of a person to the trustee of the deceased
'
s estate or an individual who was a *spouse, former spouse or *child of the deceased at the time of death or payment; and
(b)
it increases the lump sum by an amount, or does not reduce the lump sum by an amount (the
tax saving amount
) so that the amount of the lump sum is the amount that the fund could have paid if no tax were payable on amounts included in assessable income under Subdivision 295-C.
Note:
S 295-485(1) amended by No 143 of 2007 , s 3 and Sch 5 item 6, by inserting the note at the end, applicable to the 2007-2008 income year and later years.
Tax saving amount
Low tax component rate |
where:
low tax component rate
is the rate of tax imposed on the *low tax component of the fund
'
s taxable income for the income year.
Note:
The deduction is designed to compensate the fund for the tax payable on the contributions that are used to fund the lump sum.
Definition of " low tax component rate " inserted by No 143 of 2007 , s 3 and Sch 5 item 44, effective 15 March 2007 and applicable to the 2007-2008 income year and later years.
low tax component tax rate
(Repealed by
No 143 of 2007
)
Definition of " low tax component tax rate " repealed by No 143 of 2007 , s 3 and Sch 5 item 45, effective 15 March 2007 and applicable to the 2007-2008 income year and later years. The definition formerly read:
low tax component tax rate
is the rate of tax imposed on the *low tax component of the fund ' s taxable income for the income year.
S 295-485 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.