(1) You are entitled to a deduction for an income year (the deduction year ) if:
(a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936 , as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 ) (the paying fund ); and
(b) Subdivision 305-B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305-55 of that Act); and
(c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and
(d) you choose under section 305-80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and
(e) immediately before the transfer happens, there is a post-FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936 ) for the paying fund in relation to you; and
(f) the deduction year is the 2010-11 income year or a later income year.
(2) The amount of the deduction is the lesser of:
(a) the post-FIF abolition surplus; and
(b) the amount covered by your choice mentioned in paragraph (1)(d).
Table of sections
306-10 Roll-over superannuation benefit--directed termination payment