INCOME TAX ASSESSMENT ACT 1997 - SECT 295.210 Former constitutionally protected funds

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.210

  (1)   This section applies to a * complying superannuation fund for an income year if the fund ceased to be a * constitutionally protected fund during the year or at the end of the previous year.

  (2)   The assessable income of the fund for the income year includes the sum of the * roll - over superannuation benefits to the extent that they consist of the * element untaxed in the fund of the * taxable component that would be included in that assessable income if all contributions and earnings accumulated in the fund when the fund ceased to be a * constitutionally protected fund:

  (a)   had been paid out of the fund immediately before it ceased to be a constitutionally protected fund; and

  (b)   were paid to the fund as roll - over superannuation benefits immediately after that time.

Table of sections

295 - 260   Transfer of liability to investment vehicle

295 - 265   Application of pre - 1   July 88 funding credits

295 - 270   Anticipated funding credits