INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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  

295-675(1)  
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.

295-675(2)  
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.

Note:

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


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