Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

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.

Division 295 - Taxation of superannuation entities  

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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.

Subdivision 295-H - Components of taxable income  

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Subdiv 295-H inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

SECTION 295-545   Components of taxable income - complying superannuation funds, complying ADFs and PSTs  

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295-545(1)    
The taxable income of a *complying superannuation entity is split into a *non-arm ' s length component and a *low tax component.

Note:

A concessional rate applies to the low tax component, while the non-arm ' s length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986 .

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S 295-545(1) substituted by No 64 of 2020, s 3 and Sch 3 item 101, effective 1 July 2020. S 295-545(1) formerly read:

295-545(1)
The taxable income of these entities is split into a *non-arm's length component and a *low tax component:

(a) *complying superannuation funds;

(b) *complying approved deposit funds;

(c) *pooled superannuation trusts.

Note:

A concessional rate applies to the low tax component, while the non-arm's length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986 .

295-545(2)    
The non-arm's length component for an income year is the entity's *non-arm's length income for that year less any deductions to the extent that they are attributable to that income.

295-545(3)    
The low tax component is any remaining part of the entity's taxable income for the income year.

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S 295-545 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

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