Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 280.20

Investment phase

             (1)  Contributions that can be deducted are assessable income of the superannuation provider. Contributions that cannot be deducted are not assessable income of the superannuation provider. (There are some exceptions.)

             (2)  Earnings on the investment of amounts in a superannuation plan are assessable income of the superannuation provider.

             (3)  The superannuation provider's taxable income is generally taxed at the concessional rate of 15%.

             (4)  However, superannuation providers pay no tax on earnings from the assets that support the payment of benefits in the form of income streams, once the income streams have commenced.

Benefits phase



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