Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Subsection 280 - 10(1)
Omit "if less than 10% of their total assessable income (plus reportable fringe benefits) for the income year is attributable to employment or similar activities", substitute "to most complying superannuation funds" .
2 Subsection 280 - 10(2)
Omit "personal contributions made by individuals whose employment income is 10% or more of their total income, and contributions made by others in respect of them", substitute "contributions made by others in respect of individuals" .
3 Subsection 290 - 150(2)
Omit "290 - 160 (if applicable)," .
4 Sections 290 - 155 and 290 - 160
Repeal the sections, substitute:
290 - 155 Complying superannuation fund condition
(1) If the contribution is made to a * superannuation fund:
(a) the fund must be a * complying superannuation fund, for the income year of the fund in which you made the contribution, that is not:
(i) a * Commonwealth public sector superannuation scheme in which you have a * defined benefit interest; or
(ii) a superannuation fund that would not include the contribution in its assessable income under section 295 - 190; or
(iii) a superannuation fund of a kind prescribed by the regulations for the purposes of this subparagraph; and
(b) the contribution must not be a contribution of a kind prescribed by the regulations that is made to a superannuation fund of a kind prescribed by the regulations for the purposes of this paragraph .
(2) In determining for the purposes of subparagraph ( 1)(a)(ii) whether section 295 - 190 would apply in relation to a contribution, disregard Subdivision 295 - D .
(3) The Commissioner may pu blish , in such manner as the Commissioner thinks fit, lists of:
(a) the * superannuation funds to which subparagraph ( 1)(a)(i), (ii) or (iii) applies for an income year; and
(b) the kinds of contributions to which paragraph ( 1)(b) applies for an income year, and the superannuation funds to which those contributions have been or would be made .
5 Paragraph 290 - 165(1)(b)
Repeal the paragraph, substitute:
(b) attributable to activities, or circumstances, that result in you being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted) .
6 At the end of subsection 290 - 170(2)
Add:
; (e) if the contribution is made to a * superannuation fund--the condition in section 290 - 155 is not satisfied in relation to the fund and the contribution .
7 Application of amendments
The amendments made by this Schedule apply in relation to contributions made in the 2017 - 18 income year and later income years .