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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 305.80

Lump sums paid into complying superannuation plans post-FIF abolition

             (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



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