INCOME TAX ASSESSMENT ACT 1997 - SECT 295.95 Deductions related to contributions

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.95

  (1)   Provisions of this Act about deducting amounts apply to these entities as if all contributions made to them were included in their assessable income:

  (a)   * complying superannuation funds;

  (b)   * non - complying superannuation funds that are * Australian superannuation funds;

  (c)   * complying approved deposit funds;

  (d)   * non - complying approved deposit funds;

  (e)   * RSA providers.

Note 1:   This means that the entities can deduct amounts incurred in obtaining the contributions.

Note 2:   Examples of contributions that are not assessable are:

•   contributions which the contributor cannot deduct;

•   contributions excluded from assessable income under Subdivision   295 - D.

  (2)   A * superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if:

  (a)   the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and

  (b)   at that time, the central management and control of the fund is ordinarily in Australia; and

  (c)   at that time either the fund had no member covered by subsection   (3) (an active member ) or at least 50% of:

  (i)   the total * market value of the fund's assets attributable to * superannuation interests held by active members; or

  (ii)   the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members;

    is attributable to superannuation interests held by active members who are Australian residents.

  (3)   A member is covered by this subsection at a time if the member is:

  (a)   a contributor to the fund at that time; or

  (b)   an individual on whose behalf contributions have been made, other than an individual:

  (i)   who is a foreign resident; and

  (ii)   who is not a contributor at that time; and

  (iii)   for whom contributions made to the fund on the individual's behalf after the individual became a foreign resident are only payments in respect of a time when the individual was an Australian resident.

  (4)   To avoid doubt, the central management and control of a * superannuation fund is ordinarily in Australia at a time even if that central management and control is temporarily outside Australia for a period of not more than 2 years.