Income Tax Assessment Act 1997



Division 295 - Taxation of superannuation entities  

Subdivision 295-J - Tax offset for no-TFN contributions income (TFN quoted within 4 years)  

SECTION 295-675   Entitlement to a tax offset  

A *superannuation provider in relation to a *superannuation fund or an *RSA provider is entitled to a *tax offset for an income year (the current year ) commencing on or after 1 July 2007 for amounts of tax that count towards the offset for the provider for the current year.

An amount of tax counts towards the offset for the provider for the current year if:

(a) the tax was payable by the provider in one of the most recent 3 income years ending before the current year; and

(b) the tax was payable on an amount of *no-TFN contributions income of the fund or *RSA provider; and

(c) the amount of no-TFN contributions income was a contribution made to the fund or provider to provide *superannuation benefits for an individual who, in the current year, has *quoted (for superannuation purposes) his or her *tax file number to the provider for the first time.


In certain circumstances the superannuation provider or RSA provider can get a refund of the tax offset under Division 67 .

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