Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.100

Deductions for investing in PSTs and life policies

  (1)   Provisions of this Act about deducting amounts apply to * complying superannuation funds and * complying approved deposit funds as if * ordinary income and * statutory income received from these investments were included in their assessable income:

  (a)   units in a * pooled superannuation trust;

  (b)   * life insurance policies issued by a * life insurance company;

  (c)   an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company.

Note:   Income from these investments is not assessable: see for example sections   295 - 105 and 118 - 350.

  (2)   A * complying superannuation fund cannot deduct an amount (otherwise than under section   295 - 465) for fees or charges incurred for:

  (a)   * complying superannuation life insurance policies; or

  (b)   * exempt life insurance policies; or

  (c)   units in a * pooled superannuation trust that are * segregated current pension assets of the fund.


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