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-I - No-TFN contributions  

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

SECTION 295-605   Liability for tax on no-TFN contributions income  

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295-605(1)    
A *superannuation provider in relation to a *complying superannuation fund is liable to pay tax on the *no-TFN contributions income of the fund for an income year.

295-605(2)    
A *superannuation provider in relation to a *non-complying superannuation fund is liable to pay tax on the *no-TFN contributions income of the fund for an income year.

295-605(3)    
An *RSA provider is liable to pay tax on its *no-TFN contributions income for an income year.

Note 1:

The tax is imposed by the Income Tax Act 1986 .

Note 2:

The no-TFN contributions income is subject to a special rate of tax under the Income Tax Rates Act 1986 .

Note 3:

The Commissioner may make an assessment of the amount of income tax on the no-TFN contributions income: see section 169 of the Income Tax Assessment Act 1936 .

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History

S 295-605 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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