Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (141 of 2020)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of first quarter after Royal Assent

Income Tax Assessment Act 1997

91   Subsection 295-675(2)

Repeal the subsection (including the note), substitute:

(2) An amount of tax counts towards the offset for the provider for the current year if subsection (3), (4) or (5) applies for the provider and the tax.

Superannuation providers and RSA providers - main case

(3) This subsection applies for the provider and the tax if:

(a) the tax was payable by the provider in one of the most recent 3 income years of the provider ending before the current year; and

(b) the tax was payable on an amount of *no-TFN contributions income of the fund or *RSA provider; and

(c) the amount of no-TFN contributions income was a contribution made to the fund or provider to provide *superannuation benefits for an individual who, in the current year, has *quoted (for superannuation purposes) the individual's *tax file number to the provider for the first time.

Superannuation providers of successor funds

(4) This subsection applies for the provider (the current provider ) and the tax if:

(a) the tax was payable on an amount of *no-TFN contributions income that:

(i) was no-TFN contributions income of another *superannuation fund (the previous fund ); and

(ii) was a contribution made to the previous fund to provide *superannuation benefits for an individual; and

(b) the tax was so payable by the *superannuation provider (the previous provider ) of the previous fund; and

(c) the tax was so payable in:

(i) one of the most recent 3 income years of the previous provider ending before the current year; or

(ii) an income year of the previous provider ending or starting in the current year; and

(d) the current provider is the superannuation provider of a *successor fund in relation to the individual and the previous fund; and

(e) the individual:

(i) never *quoted (for superannuation purposes) the individual's *tax file number to the previous provider; but

(ii) has, in the current year, done so to the current provider for the first time.

RSA providers of successor funds

(5) This subsection applies for the provider (the current provider ) and the tax if:

(a) the tax was payable on an amount of *no-TFN contributions income that:

(i) was no-TFN contributions income of another *RSA provider (the previous provider ); and

(ii) was a contribution made to the previous provider to provide *superannuation benefits for an individual; and

(b) the tax was so payable by the previous provider; and

(c) the tax was so payable in:

(i) one of the most recent 3 income years of the previous provider ending before the current year; or

(ii) an income year of the previous provider ending or starting in the current year; and

(d) the current provider is the *superannuation provider of a *successor fund in relation to the individual and an *RSA of the previous provider; and

(e) the individual:

(i) never *quoted (for superannuation purposes) the individual's *tax file number to the previous provider but

(ii) has, in the current year, done so to the current provider for the first time.