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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 290.15

Early balancers--deduction limits from end of 2006-2007 income year to 1 July 2007

             (1)  This section applies if a person's 2006-2007 income year ends before the end of the 2006-2007 financial year.

             (2)  The object of this section is to apply (with modifications) provisions limiting deductibility in respect of certain contributions made during the period that:

                     (a)  starts when the person's 2006-2007 income year ends ; and

                     (b)  ends just before 1 July 2007.

             (3)  The provisions are as follows:

                     (a)  Subdivisions AA and AB of Division 3 of Part III of the Income Tax Assessment Act 1936 , as in force just before they were repealed by the Superannuation Legislation Amendment (Simplification) Act 2007 ;

                     (b)  any other provision of the Income Tax Assessment Act 1936 , or of any instrument made under that Act, to the extent that it relates to the operation of those Subdivisions;

                     (c)  any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of those Subdivisions.

             (4)  Those provisions apply in relation to the period mentioned in subsection (2), and do so as if:

                     (a)  that period were the 2007-2008 income year; and

                     (b)  the deduction limit mentioned in section 82AAC for the 2006-2007 income year were the deduction limit for the income year mentioned in paragraph (a); and

                     (c)  the deduction limit mentioned in section 82AAT for the 2006-2007 income year were the deduction limit for the income year mentioned in paragraph (a); and

                     (d)  Division 290 of the Income Tax Assessment Act 1997 did not apply to contributions made during the income year mentioned in paragraph (a).

Table of Subdivisions

291-A   Application of Division 291 of the Income Tax Assessment Act 1997

291-C    Modifications for defined benefit interests

Table of sections

291-10      Application of Division 291 of the Income Tax Assessment Act 1997



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