Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- 2004 - 05 to 2006 - 07 income years
1 Complying funds--deductions for insurance premiums for disability benefits
Scope
(1) This item applies if:
(a) the trustee of a complying superannuation fund pays a premium for an insurance policy during:
(i) the 2004 - 05 income year; or
(ii) the 2005 - 06 income year; or
(iii) the 2006 - 07 income year; and
(b) the policy is (wholly or partly) for current or contingent liabilities of the fund to provide benefits for members of the fund (whether the policy covers the whole or parts of the liabilities).
Note: For premiums paid during the 2007 - 08 to 2010 - 11 income years, see section 295 - 466 of the Income Tax (Transitional Provisions) Act 1997 .
Entitlement to deduction
(2) Treat the benefits mentioned in paragraph (1)(b) as being death or disability benefits , in relation to the members mentioned in that paragraph, to the extent that:
(a) the benefits are conditional on the disability of the members; and
(b) the disability is described as a permanent disability in regulations made for the purposes of section 295 - 466 of the Income Tax (Transitional Provisions) Act 1997 .
Note: Other events might have to occur after the event of the disability of the members before the fund pays the benefits to the members. For example, the members might have to satisfy a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 , such as by reaching a certain age.
(3) Subitem (2) applies:
(a) for the purposes of applying former subsection 279(1) of the Income Tax Assessment Act 1936 to the payment mentioned in paragraph (1)(a) of this item; and
(b) without limiting that former subsection.
Part 2 -- 2007 - 08 to 2010 - 11 income years
Income Tax Assessment Act 1997
2 At the end of paragraph 295 - 460(b)
Add:
Note: Disability superannuation benefit has an extended meaning for the 2007 - 08 to 2010 - 11 income years for the purposes of subsection 295 - 465(1): see section 295 - 466 of the Income Tax (Transitional Provisions) Act 1997 .
3 Subsection 295 - 465(1) (table item 5)
After "provide", insert "certain benefits, if those benefits are".
Income Tax (Transitional Provisions) Act 1997
4 Section 295 - 465 (heading)
Repeal the heading, substitute:
295 - 465 Complying funds--deductions for insurance premiums
5 After section 295 - 465
Insert:
295 - 466 Complying funds--deductions for insurance premiums for disability superannuation benefits
Scope
(1) This section applies if:
(a) a complying superannuation fund pays a premium for an insurance policy during:
(i) the 2007 - 08 income year; or
(ii) the 2008 - 09 income year; or
(iii) the 2009 - 10 income year; or
(iv) the 2010 - 11 income year; and
(b) the policy is (wholly or partly) for current or contingent liabilities of the fund to provide superannuation benefits for members of the fund (whether the policy covers the whole or parts of the liabilities).
Note: For premiums paid during the 2004 - 05 to 2006 - 07 income years, see Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 2010 .
Entitlement to deduction
(2) Treat the superannuation benefits mentioned in paragraph (1)(b) as being disability superannuation benefits , to the extent that:
(a) the superannuation benefits are conditional on the disability of the members mentioned in that paragraph; and
(b) the disability is described as a permanent disability in regulations made for the purposes of this section.
Note: Other events might have to occur after the event of the disability of the members before the fund pays the benefits to the members. For example, the members might have to satisfy a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 , such as by reaching a certain age.
(3) Subsection (2) applies:
(a) for the purposes of applying:
(i) subsection 295 - 465(1) of the Income Tax Assessment Act 1997 ; and
(ii) paragraph 295 - 460(b) of that Act, to the extent that it relates to subsection 295 - 465(1) of that Act;
to the payment mentioned in paragraph (1)(a) of this section; and
(b) without limiting subsection 295 - 465(1) and paragraph 295 - 460(b) of that Act.
Amendment of assessments
(4) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:
(a) the assessment was made before the commencement of this section; and
(b) the amendment is made within 2 years after that commencement; and
(c) the amendment is made for the purpose of giving effect to this section.
Division 2--Sunsetting on 1 January 2017
Income Tax Assessment Act 1997
6 Paragraph 295 - 460(b) (note)
Repeal the note.
Income Tax (Transitional Provisions) Act 1997
7 Section 295 - 466
Repeal the section.