CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
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.
Division 295
-
Taxation of superannuation entities
History
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.
Subdivision 295-H
-
Components of taxable income
History
Subdiv 295-H inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
SECTION 295-545
Components of taxable income
-
complying superannuation funds, complying ADFs and PSTs
295-545(1)
The taxable income of a *complying superannuation entity is split into a *non-arm
'
s length component and a *low tax component.
Note:
A concessional rate applies to the low tax component, while the non-arm
'
s length component is taxed at the highest marginal rate. The rates are set out in the
Income Tax Rates Act 1986
.
History
S 295-545(1) substituted by No 64 of 2020, s 3 and Sch 3 item 101, effective 1 July 2020. S 295-545(1) formerly read:
295-545(1)
The taxable income of these entities is split into a *non-arm's length component and a *low tax component:
(a)
*complying superannuation funds;
(b)
*complying approved deposit funds;
(c)
*pooled superannuation trusts.
Note:
A concessional rate applies to the low tax component, while the non-arm's length component is taxed at the highest marginal rate. The rates are set out in the
Income Tax Rates Act 1986
.
295-545(2)
The
non-arm's length component
for an income year is the entity's *non-arm's length income for that year less any deductions to the extent that they are attributable to that income.
295-545(3)
The
low tax component
is any remaining part of the entity's taxable income for the income year.
History
S 295-545 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.