Income Tax Assessment Act 1997
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.
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.
Subdiv 295-B inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Provisions of this Act about deducting amounts apply to *complying superannuation funds and *complying approved deposit funds as if *ordinary income and *statutory income received from these investments were included in their assessable income:
(a) units in a *pooled superannuation trust;
(b) *life insurance policies issued by a *life insurance company;
(c) an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company.
A *complying superannuation fund cannot deduct an amount (otherwise than under section 295-465 ) for fees or charges incurred for:
(a) *complying superannuation life insurance policies; or
(b) *exempt life insurance policies; or
(c) units in a *pooled superannuation trust that are *segregated current pension assets of the fund.
S 295-100(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a), effective 1 July 2015.
S 295-100(2) amended by No 45 of 2008, s 3 and Sch 4 item 16, by substituting " complying superannuation/FHSA " for " virtual PST " in para (a), effective 26 June 2008.
S 295-100 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
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