Income Tax Assessment Act 1997
Provisions of this Act about deducting amounts apply to these entities as if all contributions made to them were included in their assessable income:
(a) *complying superannuation funds;
(b) *non-complying superannuation funds that are *Australian superannuation funds;
(c) *complying approved deposit funds;
(d) *non-complying approved deposit funds;
(e) *RSA providers.
This means that the entities can deduct amounts incurred in obtaining the contributions.
Examples of contributions that are not assessable are:
A *superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if:
(a) the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and
(b) at that time, the central management and control of the fund is ordinarily in Australia; and
(c) at that time either the fund had no member covered by subsection (3) (an active member ) or at least 50% of:
(i) the total *market value of the fund ' s assets attributable to *superannuation interests held by active members; or
is attributable to superannuation interests held by active members who are Australian residents. 295-95(3)
(ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members;
A member is covered by this subsection at a time if the member is:
(a) a contributor to the fund at that time; or
(b) an individual on whose behalf contributions have been made, other than an individual:
(i) who is a foreign resident; and
(ii) who is not a contributor at that time; and
(iii) for whom contributions made to the fund on the individual ' s behalf after the individual became a foreign resident are only payments in respect of a time when the individual was an Australian resident.
To avoid doubt, the central management and control of a *superannuation fund is ordinarily in Australia at a time even if that central management and control is temporarily outside Australia for a period of not more than 2 years.
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