Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

Taxable superannuation earnings and related concepts

SECTION 296-65   Your relevant superannuation earnings for a superannuation interest - general rule  

296-65(1)    
Your relevant superannuation earnings for an income year ( your year ) for a * superannuation interest is the amount attributable to the interest under this section, of the * Division 296 fund earnings for:

(a)    the entity that is:

(i) for an interest in a * superannuation fund - the superannuation fund; or

(ii) for an interest in an * approved deposit fund - the approved deposit fund; or

(iii) for an * RSA - the * RSA provider; and

(b)    the income year of that entity that is the same period as your year (or that, of the income years of the entity, covers the most of your year).

296-65(2)    
Subsection (1) does not apply in relation to:

(a)    a * superannuation interest that, at any time in your year:

(i) is or includes a * defined benefit interest; and

(ii) is not in the * retirement phase; or

(b)    a superannuation interest that is prescribed by the regulations for the purposes of this paragraph.

Note:

See section 296-70 in relation to superannuation interests mentioned in paragraphs (a) and (b) of this subsection.

General attribution requirement

296-65(3)    
The amount attributable to the * superannuation interest must be determined on a fair and reasonable basis, having regard to the matters prescribed by the regulations for the purposes of this subsection.

Specific requirements for interests in small superannuation funds and prescribed interests

296-65(4)    
Subsection (3) does not apply if the * superannuation interest is:

(a)    a superannuation interest in a * small superannuation fund; or

(b)    a superannuation interest prescribed by the regulations for the purposes of this paragraph.

296-65(5)    
The amount attributable to such a * superannuation interest must instead be determined in accordance with the regulations.

296-65(6)    
Regulations made for the purposes of subsection (5) :

(a)    may provide for the amount attributable to the interest to be determined wholly or partly by reference to an * actuary ' s certificate; and

(b)    may specify circumstances in which a nil amount is attributable to the interest.