Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

SECTION 296-70.02   RELEVANT SUPERANNUATION EARNINGS - YOUR CONTRIBUTIONS TOTAL  

296-70.02(1)    
For the purposes of the definition of your contributions total in subsection 296-70(1) of the Act, the amount for an income year for a superannuation interest (the relevant interest ) mentioned in subsection 296-65(2) of the Act is the total of the following amounts:

(a)    if the relevant interest is, or includes, a defined benefit interest in a superannuation fund - your non-retirement-phase member contributions amount for the relevant interest for the year (see subsection (2) );

(b)    the amount of your defined benefit contributions for the year in respect of the relevant interest;

(c)    if the relevant interest is an interest in a constitutionally protected fund, and is not a defined benefit interest - contributions made to the fund in respect of you, and in respect of the relevant interest, for the year;

(d)    the amount of a roll-over superannuation benefit that is paid, rolled over, transferred, allotted or credited into the relevant interest during the year;

(e)    if the relevant interest is a superannuation interest that, under subsection 307-230(3) of the Act, you begin to be treated as having at any time in the year - the total superannuation balance value of the interest at that time;

(f)    the total superannuation balance value of the relevant interest at a particular time in the year, if:

(i) at that time, you start to receive a death benefit income stream because of the death of another person; and

(ii) the relevant interest supports the death benefit income stream;

(g)    the total superannuation balance value of the relevant interest at a particular time in the year, if:

(i) at that time, a pension under section 16 of the Australian Defence Force Cover Act 2015 begins to be payable to you; and

(ii) the relevant interest supports the pension;

(h)    an amount that becomes included in the relevant interest during the year because of an amount that:

(i) is paid into the relevant interest under an insurance policy; and

(ii) is payable because of the death or total and permanent disability of the insured person or because a terminal medical condition exists in relation to the person;

(i)    if you die during the year - an amount that becomes included in the relevant interest after the end of the year because of an amount that:

(i) is paid into the relevant interest, under an insurance policy, after the end of the year; and

(ii) is payable because of your death, or because of your total and permanent disability before your death, or because a terminal medical condition existed in relation to you before your death;

(j)    the amount by which the total superannuation balance value of the relevant interest increases during the year as a result of any of the following matters (the relevant matter ):

(i) your death;

(ii) your permanent incapacity (within the meaning of the SIS Act);

(iii) a terminal medical condition that exists in relation to you;

unless, at any time (whether during, before or after the year), an amount is paid into the relevant interest under an insurance policy, as mentioned in subparagraph (h)(i) or (i)(i) , because of the relevant matter;

(k)    the amount worked out under subsection (3) , if an amount is transferred into the relevant interest from a foreign superannuation fund for your benefit during the year;

(l)    if the relevant interest supports a deferred superannuation income stream:

(i) that paragraph 307-70.02(1)(c) applies to; and

(ii) that is neither a pooled investment pension nor a pooled investment annuity;

any amount of consideration paid in the year for the relevant interest for the income stream;

(m)    the amount by which the total superannuation balance value of the relevant interest increases during the year because of any of the following:

(i) a payment for compensation for a loss suffered as a result of fraud or dishonesty;

(ii) a remediation payment;

(ii) a military invalidity income stream becomes payable to you;

(iv) if the relevant interest supports a military invalidity income stream that is payable to you - the amount that is payable increases because you are reclassified in respect of your incapacity;

(n)    an amount allocated to the relevant interest for the year:

(i) in accordance with the conditions specified in section 291-25.01 or 292-90.01 ; or

(ii) where any of subsections 292-90.02(2) to (6) apply in relation to the allocation.

Member contributions amount - defined benefit interest not in the retirement phase

296-70.02(2)    
For the purposes of paragraph (1)(a) , your non-retirement-phase member contributions amount for the relevant interest for the year is the amount of member contributions:

(a)    paid by or on behalf of you in respect of the relevant interest at any time during the year, other than a time when the relevant interest was in the retirement phase; and

(b)    which are not assessable income of the superannuation fund mentioned in that paragraph;

but excluding any amounts which are not assessable income of the fund because of:

(c)    item 5.3 of the table in section 50-25 of the Act; or

(d)    a choice made under section 295-180 of the Act.

Lump sums transferred from foreign superannuation funds

296-70.02(3)    
For the purposes of paragraph (1)(k) :

(a)    if you do not make a choice under subsection 305-80(2) of the Act that applies to any of your applicable fund earnings - the amount is the amount transferred into the relevant interest; or

(b)    if you make a choice under subsection 305-80(2) of the Act that applies to all or part of your applicable fund earnings - the amount is to be worked out in accordance with the following formula:

The amount transferred into the relevant interest − (0.15 × The amount that the choice applies to)

Avoidance of double-counting

296-70.02(4)    
To avoid doubt, do not include an amount, or part of an amount, in the total mentioned in subsection (1) more than once, even if more than one provision of that subsection applies to the amount or part of the amount.