Income Tax Assessment Act 1997
A *complying superannuation fund can deduct an amount under this section for an income year if:
(a) the trustee of the fund makes a choice under subsection 295-465(4) and the choice applies to the income year; and
(b) the trustee pays:
(i) a benefit referred to in paragraph 295-460 (a), (aa) or (b) for the income year in consequence of the termination of a member's employment; or
(ii) a benefit referred to in paragraph 295-460(c) .
The amount the fund can deduct is:
|Benefit amount||×||Future service days|
|Total service days|
(a) for a benefit that is a *superannuation lump sum - the amount of the lump sum; or
(b) for a benefit that is a *superannuation income stream - the *value of the *superannuation interest supporting the income stream; or
(c) for a benefit referred to in paragraph 295-460(c) - the total of the amounts paid during the income year.
(a) the termination happened; or
(b) for a benefit referred to in paragraph 295-460(c) - the member became unable to engage in *gainful employment;
and ending on the member's *last retirement day.
(a) for a benefit that is a *superannuation lump sum - the *service period for the superannuation lump sum; or
(b) for another benefit - the period ending on the first day of the period to which the first payment of the benefit relates and starting on the earliest of:
(i) the day on which the member joined the relevant *superannuation fund; and
(ii) the first day of the period of employment to which the benefit relates (including a qualifying period before the member could join the fund and any period when the member was not a member of the fund); and
(iii) the day applicable under subsection (3).
The applicable day is the first day of the *service period for a *superannuation lump sum that is a *roll-over superannuation benefit if all or part of the *value of the other benefit is attributable to the roll-over superannuation benefit.
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