Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 9 Overseas superannuation payments
Income Tax Assessment Act 1936
5 After Division 17
Division 17A - Deduction for overseas superannuation transfers
533B Deduction for overseas superannuation transfers
(a) a taxpayer has an interest in a FIF that is an eligible non-resident non-complying superannuation fund (the paying fund ); and
(b) the paying fund transfers an amount to a complying superannuation fund in respect of the taxpayer; and
(c) the taxpayer elects under subsection 27CAA(3) that the amount, or part of the amount, is to be treated as a taxable contribution of the complying superannuation fund; and
(d) immediately before the transfer happens, there is a FIF attribution surplus for the paying fund under section 604 in relation to the taxpayer;
then the taxpayer is entitled to a deduction, for the year of income in which the transfer happened, for the lesser of:
(e) the FIF attribution surplus; and
(f) the amount covered by the taxpayer's election.
(2) In this section:
complying superannuation fund has the same meaning as in Part IX.
eligible non-resident non-complying superannuation fund has the same meaning as in Subdivision AA of Division 2 of Part III.