Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)

Schedule 5   20% tracing rule and repeal of Division 6B

Part 1   20% tracing rule

Income Tax Assessment Act 1997

2   Section 295-173

Repeal the section, substitute:

295-173 Exception - trustee contributions

Item 1 of the table in section 295-160 does not include in assessable income:

(a) a contribution made by an entity that was, when the contribution was made, the trustee of a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust; or

(b) a contribution made out of the *complying superannuation assets, or out of the *segregated exempt assets, of a *life insurance company.

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