Income Tax Assessment Act 1997



Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of provisions of this Act  

SECTION 295-95   Deductions related to contributions  

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.

Note 1:

This means that the entities can deduct amounts incurred in obtaining the contributions.

Note 2:

Examples of contributions that are not assessable are:

  • · contributions which the contributor cannot deduct;
  • · contributions excluded from assessable income under Subdivision 295-D .
  • 295-95(2)  
    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

    (ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members;
    is attributable to superannuation interests held by active members who are Australian residents.

    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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