Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.190

Personal contributions and roll-over amounts

             (1)  The assessable income of an entity includes amounts as set out in this table.

Note:          For an explanation of the acronyms used, see section 295- 35.

 

Personal contributions and roll-over amounts included in assessable income

Item

Assessable income of this entity:

Includes:

1

CSF

* RSA provider

A contribution:

(a) made to the CSF or * RSA; and

(b) covered by a valid and acknowledged notice given to the * superannuation provider of the CSF or RSA under section 290-170

2

CSF

CADF

N-CADF

* RSA provider

A * roll-over superannuation benefit that an individual is taken to receive under section 307-15 to the extent that:

(a) it consists of an * element untaxed in the fund; and

(b) is not an * excess untaxed roll-over amount for that individual

2A

CSF

* RSA provider

A * roll-over superannuation benefit that an individual is taken to receive under section 307-15 to the extent that:

(a) the CSF or * RSA is a * successor fund; and

(b) the benefit relates to a contribution that, before it was transferred to the successor fund, was not covered by a valid and acknowledged notice given to any * superannuation provider under section 290-170; and

(c) while the benefit is held in the successor fund, the contribution becomes covered by a valid and acknowledged notice given to the superannuation provider of the successor fund under that section

3

CSF

CADF

* RSA provider

The * taxable component of a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 )

          (1A)  Items 2 and 2A of the table in subsection (1) do not apply to a * roll-over superannuation benefit that is a * departing Australia superannuation payment made under subsection 20H(2), (2AA) or (2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

Income years in which amounts are included in assessable income

             (2)  A contribution referred to in item 1 is included in the income year in which it is received if the notice is received by the * superannuation provider by the day the provider lodges its * income tax return for that income year.

             (3)  Otherwise it is included in the income year in which the notice is received.

             (4)  A payment referred to in item 2 or 3 is included in the income year in which it is received by the * superannuation provider.

             (5)  A benefit referred to in item 2A is included in the income year in which it is received if the notice is received by the * superannuation provider by the day the provider lodges its * income tax return for that income year.

             (6)  Otherwise it is included in the income year in which the notice is received.



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