INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 305 - Superannuation benefits paid from non-complying superannuation plans  

Subdivision 305-B - Superannuation benefits from foreign superannuation funds  

SECTION 305-80   Lump sums paid into complying superannuation plans post-FIF abolition  

305-80(1)  
You are entitled to a deduction for an income year (the deduction year ) if:


(a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936 , as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 ) (the paying fund ); and


(b) Subdivision 305-B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305-55 of that Act); and


(c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and


(d) you choose under section 305-80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and


(e) immediately before the transfer happens, there is a post-FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936 ) for the paying fund in relation to you; and


(f) the deduction year is the 2010-11 income year or a later income year.

305-80(2)  
The amount of the deduction is the lesser of:


(a) the post-FIF abolition surplus; and


(b) the amount covered by your choice mentioned in paragraph (1)(d).




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