Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

Taxable superannuation earnings and related concepts

SECTION 296-55   Your total superannuation earnings  

296-55(1)    
The amount of your total superannuation earnings for an income year is the total of your * relevant superannuation earnings for the year for:

(a)    each * superannuation interest of yours that you have at any time in the year; and

(b)    each superannuation interest that supports a * superannuation income stream of which you are a * retirement phase recipient at any time in the year because of the death of another person.

296-55(2)    
For the purposes of working out that total, the following are taken to be nil:

(a)    your * relevant superannuation earnings for a * superannuation interest in a * superannuation plan that is a * foreign superannuation fund for the year;

(b)    your relevant superannuation earnings for a superannuation interest that is a * Division 296 excluded interest in relation to the year;

(c)    an amount prescribed by the regulations for the purposes of this paragraph.

296-55(3)    
A * superannuation interest mentioned in paragraph (1)(a) or (b) is a Division 296 excluded interest in relation to the year if:

(a)    column 1 of an item of the following table applies to you for the year; and

(b)    the interest is specified in column 2 of the item.

Excluded superannuation interests
Item	Column 1	Column 2
	Individual to which item applies for a year	Superannuation interest
1	at any time in the year, you are declared by the regulations to be an individual to whom this item applies	a * superannuation interest in a * constitutionally protected fund
2	at any time before or in the year, you were or are:	a * superannuation interest in the * superannuation fund established under the Judges ' Pensions Act 1968
	(a)		a Justice of the High Court; or
	(b)		a justice or judge of a court created by the Parliament
3	at any time before or in the year, you were or are the Chief Justice or a Judge of the Supreme Court of the Australian Capital Territory	a * superannuation interest in the * superannuation fund established under the Judges ' Pensions Act 1968 , as it applies under the Supreme Court Act 1933 (ACT)
4	at any time before or in the year, you were or are the Chief Justice or a Judge of the Supreme Court of the Northern Territory	a * superannuation interest in the * superannuation fund established under the Supreme Court (Judges Pensions) Act 1980 (NT)
5	both:	a * superannuation interest that:
	(a)	at any time in the year, you are a * retirement phase recipient of a * superannuation income stream because of the death of another person; and	(a)	supports the income stream; and
	(b)	item 1, 2, 3 or 4 applies to that other person for the year, or would have applied to that other person for the year but for the person ' s death	(b)	is of a kind specified in column 2 of that item
6	both:	the superannuation interest
	(a)		at any time in the year:
			(i)	you have a superannuation interest in a * superannuation plan; or
			(ii)	you are a * retirement phase recipient of a * superannuation income stream, supported by a superannuation interest in a superannuation plan, because of the death of another person; and
	(b)		the superannuation plan:
			(i)	is not a * complying superannuation plan for the year; and
			(ii)	is not a * foreign superannuation fund for the year

296-55(4)    
Nothing in subsection (2) or (3) limits section 6 of the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 .

Note:

Section 6 of the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 provides that Division 296 tax is not imposed in relation to a person if the imposition would exceed the legislative power of the Commonwealth.