Income Tax Assessment Regulations 1997
This regulation applies if:
(a) you are an accruing member of a superannuation fund for the financial year; and
(b) your defined benefit interest in the fund for the financial year is a funded benefit interest. 293-115.15(2)
The interest is a funded benefit interest if:
(a) the interest is in a complying superannuation fund that is not a constitutionally protected fund; and
(b) if the interest is in a public sector superannuation scheme:
(i) the fund trustee has certified, for the financial year, that the fund trustee considers that the scheme will only ever pay superannuation benefits from contributions made to the scheme or earnings from the contributions; and
(ii) the fund trustee has not chosen, under section 295-180 of the Act, to have contributions made by you, or on your behalf, excluded from the assessable income of the scheme for the financial year.
Your defined benefit contributions for the financial year in respect of the interest is your notional taxed contributions for the year in respect of the interest.
In working out your notional taxed contributions for the purposes of subregulation (3), disregard Subdivision 291-C of the Income Tax (Transitional Provisions) Act 1997 .
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