Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)
Schedule 8 Innovative income streams and integrity
Part 1 Amendments
Income Tax Assessment Act 1997
10 Section 295-405
Repeal the section, substitute:
295-405 Other exempt income
The *ordinary income or *statutory income of an entity is exempt from income tax as set out in this table.
Note: For an explanation of the acronyms used, see section 295-35.
|
Exempt income |
||
|---|---|---|
|
Item |
For this entity: |
This is exempt: |
|
1 |
CSF N-CSF CADF N-CADF |
A grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 |
|
2 |
*RSA provider |
Amount credited to the *RSA where a *superannuation income stream covered by section 295-407 was paid from the RSA for all of the period in the income year that the RSA existed |
|
3 |
*RSA provider |
Part of an amount credited to the *RSA (worked out under section 295-410) where a *superannuation income stream covered by section 295-407 was paid from the RSA for part of the period in the income year that the RSA existed |
295-407 Covered superannuation income streams - RSAs
A *superannuation income stream is covered by this section if:
(a) it is a pension (within the meaning of the Retirement Savings Accounts Act 1997); and
(b) it is in the *retirement phase.