Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.610

  (1)   An amount included by Subdivision   295 - C in the assessable income of a * complying superannuation fund, a * non - complying superannuation fund or an * RSA provider for an income year is no - TFN contributions income for the year if:

  (a)   it is included by that Subdivision in the assessable income of the income year of the fund or RSA provider in which 1   July 2007 occurs, or a later income year; and

  (b)   it is a contribution made to the fund or * RSA on or after 1   July 2007 to provide * superannuation benefits for an individual; and

  (c)   by the end of the income year, the individual has not * quoted (for superannuation purposes) his or her * tax file number to the * superannuation provider.

Exception

  (2)   However, an amount is not no - TFN contributions income if:

  (a)   the contribution was made in relation to a * superannuation interest or an * RSA of the individual that existed prior to 1   July 2007; and

  (b)   the total contributions made in relation to the superannuation interest or RSA for the income year that are included in assessable income under Subdivision   295 - C did not exceed $1,000.