Income Tax Assessment Act 1997
The *superannuation provider in relation to a *complying superannuation fund or a *complying approved deposit fund (the transferor ) may reduce the amount that would otherwise be included in the fund ' s assessable income for an income year under Subdivision 295-C by agreement with another entity (the transferee ) in which it holds investments. What the transferee must be 295-260(2)
The transferee must be a *life insurance company or a *pooled superannuation trust.
The transferor may make one agreement only for an income year with a particular transferee. 295-260(4)
(a) must be in writing, and must be signed by or for the transferor and transferee; and
(b) must be made by the day the transferor lodges its *income tax return for its income year to which the agreement relates; and
(c) cannot be revoked. Limits on transfer 295-260(5)
The total amount covered by the agreements cannot exceed the amount that would otherwise be included in the transferor ' s assessable income under Subdivision 295-C for that income year. 295-260(6)
The amount covered by an agreement with a particular transferee cannot exceed this amount:
Greatest equity value
Transferor ' s low tax component tax rate
(a) if the transferee is a *pooled superannuation trust - the *market value of the transferor ' s investment in units in the trust;
(b) if not - the market value of the transferor ' s investment in:
(i) *life insurance policies issued by the transferee; or
(ii) a trust whose assets consist only of life insurance policies issued by the transferee.
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