Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Item 1 of the table in section 295 - 160 does not include an amount in the assessable income of a * public sector superannuation scheme for an income year to the extent that the trustee chooses that it not be included.
(2) The entity that made the contributions must consent to the choice.
Note: Making this choice effectively shifts the liability for tax on the contributions to the recipient of the benefit. The benefit is treated as an element untaxed in the fund: see Subdivision 301 - C.
(3) However, the choice cannot be made for an income year for an amount that exceeds the sum of amounts covered by notices given by the trustee under section 307 - 285 for * superannuation benefits paid in the income year.
(4) A choice under this section cannot be revoked or withdrawn.
(5) A choice under this section cannot be made in relation to a * public sector superannuation scheme that comes into operation after 5 September 2006.