Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.610

No-TFN contributions income

             (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.



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