Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.545

Components of taxable income--complying superannuation funds, complying ADFs and PSTs

             (1)  The taxable income of these entities is split into a * non-arm's length component and a * low tax component:

                     (a)  * complying superannuation funds;

                     (b)  * complying approved deposit funds;

                     (c)  * pooled superannuation trusts.

Note:          A concessional rate applies to the low tax component, while the non-arm's length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986 .

             (2)  The non-arm's length component for an income year is the entity's * non-arm's length income for that year less any deductions to the extent that they are attributable to that income.

             (3)  The low tax component is any remaining part of the entity's taxable income for the income year.



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