Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 305.80

  (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